Mobility/Micromobility/News/ Europe’s best-financed scooter outfit Tier raises $60m from Goldman Sachs Tier says it’ll use the debt facility to expand internationally. By Freya Pratty 2 June 2021 \Mobility 12 startups making transport greener, according to VCs By Connor Bilboe 21 February 2022 Mobility/Micromobility/News/ Europe’s best-financed scooter outfit Tier raises $60m from Goldman Sachs Tier says it’ll use the debt facility to expand internationally. By Freya Pratty 2 June 2021 Micromobility company Tier has raised $60m in asset-backed financing from Goldman Sachs, the firm said Wednesday, making it Europe’s best-funded scooter company. The money is Tier’s first debt facility and follows its $250m Series C raise in November last year from Softbank that gained it unicorn status. The investment also comes shortly after the company secured the London scooter tender. Tier says it’ll use the debt facility to expand internationally including to Slovakia and Ireland, pending legislative changes. The new funding means Tier, headquartered in Berlin and founded in 2018, has now raised $490m in debt and equity — the highest figure out of the European scooter competitors (Voi has raised $325m and Dott $145m). In May, Tier secured the London scooter tender, alongside US company Lime and fellow European company Dott. A month earlier, in April, the company expanded its footprint into central and eastern Europe by acquiring Makery, a Hungarian software development firm. The company currently operates in Austria, Denmark, Finland, France, Germany, Norway, Poland, Qatar, Sweden, Switzerland, the UK and the UAE. The new debt financing will also go into expanding the existing fleet of vehicles which also includes bicycles and mopeds. The company also plans to expand its charging network through installing stations in retail stores across Europe and the Middle East. “The size of this highly scalable asset-backed debt facility is a gamechanging first in micromobility, accelerating our expansion and cementing our market leadership in Europe. This facility leverages our recent equity raise and will enhance our capital-efficient growth,” says Alex Gayer, Tier’s CFO. The investment marks Goldman Sachs’ first investment into micromobility. Freya Pratty is Sifted’s news reporter. She tweets from @FPratty Related Articles Scooter startup Dott raises $85m ahead of rumoured launch in London By Amy Lewin Click here to read more Dott, Tier and Lime win London scooter tender By Amy Lewin Click here to read more From Voi to Circ, we compare Europe’s scooter startups By Amy Lewin Click here to read more Most Read 1 \Startup Life Tech Nation shutting down as UK government controversially pulls key funding 2 \Healthtech Spotify founder Daniel Ek officially launches new startup — and this time, he’s taking on healthcare 3 \Fintech Monzo revenues surge more than twofold, putting it on track for 2023 profitability 4 \Consumer Glovo lays off 6% of staff following fresh fine from Spanish government 5 \Startup Life Meet the UiPath alumni starting their own companies
Scooter startup Dott raises $85m ahead of rumoured launch in London By Amy Lewin Click here to read more