Tier, the European micro-mobility company, has secured a $60 million debt facility from Goldman Sachs.
The company hinted at a “significant” debt facility back in November 2020 when it announced it had raised $250 million in a Series C round led by SoftBank Vision Fund.
It says the $60 million is a “vote of confidence” in its business and will drive its e-scooter fleet expansion for 2021.
Ben Payne, managing director at Goldman Sachs, comments: “Even amid a global pandemic, TIER has established a proven track record of profitable unit economics and asset longevity.
Alex Gayer, chief financial officer at Tier, adds: “This facility leverages our recent equity raise and will enhance our capital-efficient growth.”
The financing will also help Tier invest in a multi-modal fleet of e-scooters, bikes and mopeds and enable it to expand its energy network through the installation of battery charging stations at retail sites across Europe.
Tier recently announced it had acquired software development company Makery and said it planned to set up an e-scooter technology hub for Central and Eastern Europe.
It is also one of several companies to begin offering an e-scooter service in London after a tender process.