Berlin-based micro-mobility firm TIER has secured a $60 million loan from Goldman Sachs. The asset-backed financing is a first of its kind for Goldman Sachs, and signals a new era for the micro-mobility sector. TIER reports that the new debt facility will be used to further extend not only its fleet coverage, but its “other”, and perhaps even more important, offering, the TIER energy network.
“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,” comments Goldman Sachs Managing Director Ben Payne.
The arrival of a fresh $60 million adds on to the firm's early November 2020 $250 million Series C round that was led by SoftBank Vision Fund 2. And let’s not forget that 1 of 3 selected for the pilot program in London. Including the $60 million loan from Goldman, TIER has now pocketed $448 million.
But there’s more to TIER's story than just a boatload of capital raised. As part of our Crossing Borders series, Tech.eu’s Jill Petzinger sat down for an in-depth conversation with TIER's vice president of expansion Philipp Haas.