E-Paper
Sign In
iPhone | iPad
Android
Fri, Dec 27, 2024 | Jumada al-Aakhirah 26, 1446 | DXB
0°C
TIER raises $60m in financing from Goldman Sachs
The debt facility is the first of such scale in the micro-mobility industry
Micro-mobility provider, TIER, has announced that it recently secured $60 million of asset-backed financing from Goldman Sachs, which will fuel TIER's e-scooter fleet expansion for 2021.
The debt facility comes as part of TIER’s ongoing plans to broaden its footprint across Europe and the Middle East. The move by Goldman Sachs signals another major vote of confidence in a business that has performed strongly despite the Covid-19 crisis, and follows TIER’s $250 million Series-C funding round led by SoftBank Vision Fund 2.
As well as helping to extend TIER’s international coverage across strategic growth markets, and enabling investment in a multi-modal fleet of electric scooters, bicycles and mopeds, the new capital will drive expansion of the TIER Energy Network; battery charging stations will be installed in retail stores across Europe and the Middle East to power electric vehicles in a way that drives operational efficiency whilst giving the high street a financial boost and enabling users to enjoy free trips.
Ben Payne, MD at Goldman Sachs, said: “Even amid a global pandemic, TIER has established a proven track record of profitable unit economics and asset longevity. We are excited to help the European leader extend sustainable mobility to more people across the world.”
Alex Gayer, chief financial officer at TIER, added: “The size of this highly scalable asset-backed debt facility is a game-changing first in micro-mobility, accelerating our expansion and cementing our market leadership in Europe and the Middle East. This facility leverages our recent equity raise and will enhance our capital-efficient growth.”
In recent years, TIER has rapidly expanded its operational footprint across multiple cities in the GCC starting with Abu Dhabi in 2019, Dubai in 2020 and Doha in 2021, with additional cities planned by end of this year. Furthermore, Europe’s micro-mobility leader has lately extended its growing suite of multimodal options to make it one of the first operators in the world to offer riders three different climate-neutral vehicles; e-scooters, e-mopeds and e-bikes.
business@khaleejtimes.com
A Staff Reporter
Got an interesting story to tell in the UAE? We want to hear all about it. Write to the nation's best reporting team, as we cover the emirates like no one else.
Sign Up For Breaking News Alerts
Be in the know. Get the latest breaking news delivered straight to your inbox.
