E-scooter giant reported to be plotting major fundraising

Multinational e-scooter operator Tier Mobility reportedly wants to raise hundreds of millions of pounds of funding.

Sky News says it has learned Berlin-based Tier, which has a presence in six English locations including York, is working with bankers at Rothschild on what would be its first external funding since 2021.

The broadcaster adds it understands “numerous” prospective investors had been approached about participating.

Tier currently has operations in 24 countries and has so far deployed 270,000 vehicles in more than 460 cities.

It is said to be planning to raise as much as €1bn/£882m in new debt, and potentially equity financing.

And at least part of the new capital injection is intended to be in the form of a convertible loan note.

Tier has acquired a number of rivals, including Spin, Ford’s electric bike and scooter unit. It was selected as the sole operator to serve York with its e-scooters back in 2020.