E-scooter start-up Tier receives $60 million loan
Tom Schmidtgen
| 02.06.2021
The money comes from the investment bank Goldman Sachs. With this, the scooter provider wants to expand its market leadership.
Berlin-based e-mobility start-up Tier has received a loan of the equivalent of 49 million euros from investment bank Goldman Sachs. The start-up wants to use this money to buy more scooters "to cement its market leadership," says Alex Gayer, CFO at Tier. The loan was contingent on a successful $250 million Series C funding round from 2020, led by Softbank.
Tier is also looking to expand its charging network. For example, charging stations are to be set up in stores in Europe and the Middle East, where customers can bring scooters by themselves to be charged.
Tier is also looking to expand into Slovakia and Hungary, reports the Handelsblatt. The start-up is also aiming for Ireland, but a legal arrangement is still lacking there. Tier was founded in 2018 by former Rebuy CEO Lawrence Leuschner and is active in more than 100 cities.
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