Tier, a Berlin based micro-mobility provider, secured $60 million of asset-backed financing from Goldman Sachs to fuel its expansion in the Middle East and Europe.
The debt facility follows a $250m Series C funding round led by SoftBank’s Vision Fund 2 in November, the company said in a statement on Sunday.
“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,” Alex Gayer, chief financial officer at Tier, said. “This facility leverages our recent equity raise and will enhance our capital-efficient growth.”
The global electric scooters market size is expected to reach about $42 billion by 2030 at a 7.7 per cent compounded annual growth rate over the forecast period, according to a study conducted by Grand View Research. In India, the world's second most populous country, e-scooters could account for as much as 35 per cent of the country's two-wheeler market by 2030, according to the consultancy KPMG.
Demand for e-scooters in cities has helped the industry's biggest players, such as Bird and Lime, achieve multi-billion-dollar valuations in less than two years.
Founded in 2018 by Lawrence Leuschner, Matthias Laug and Julian Blessin, Tier Mobility is a shared micro-mobility provider offering people a range of shared, light electric vehicles, from e-scooters to e-bikes and e-mopeds, powered by a proprietary energy network.
The company is also planning to install new battery charging stations in retail stores across Europe and the Middle East to power electric vehicles and increase mobility with the new funding.
“Even amid a global pandemic, Tier has established a proven track record of profitable unit economics and asset longevity,” Ben Payne, managing director at Goldman Sachs, said.
Tier has rapidly expanded its operational footprint across multiple cities in the GCC starting with Abu Dhabi in 2019, before adding Dubai and Doha. Additional cities are planned by end of this year.
Apart from SoftBank, other investors in the company include Abu Dhabi’s Mubadala Capital, London-based Northzone, Goodwater Capital from California and investment firm White Star Capital from New York.
The company currently operates in more than 100 cities across 12 countries in Europe and the Middle East.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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MATCH INFO
What: Brazil v South Korea
When: Tonight, 5.30pm
Where: Mohamed bin Zayed Stadium, Abu Dhabi
Tickets: www.ticketmaster.ae
Fringe@Four Line-up
October 1 - Phil Nichol (stand-up comedy)
October 29 - Mandy Knight (stand-up comedy)
November 5 - Sinatra Raw (Fringe theatre)
November 8 - Imah Dumagay & Sundeep Fernandes (stand-up comedy)
November 13 - Gordon Southern (stand-up comedy)
November 22 - In Loyal Company (Fringe theatre)
November 29 - Peter Searles (comedy / theatre)
December 5 - Sinatra’s Christmas Under The Stars (music / dinner show)
Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
Global state-owned investor ranking by size
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
Upcoming games
SUNDAY
Brighton and Hove Albion v Southampton (5.30pm)
Leicester City v Everton (8pm)
MONDAY
Burnley v Newcastle United (midnight)
Key recommendations
- Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
- Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
- Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
- More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels