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Singapore-based Beam raises $26M in Series A financing round

Singapore-based Beam raises $26M in Series A financing round
Singapore-based Beam raises $26M in Series A financing round

Beam, a micromobility company with its headquarter located in Singapore and provides e-share scooters, has reportedly secured $26 million in a new financing round. The company has been seeking to expand its footprint across Australia, New Zealand, Taiwan, Korea, and Malaysia.

Hana Ventures and Sequoia India have led the Series A financing round of the two-and-a-half old startup along with many more investors from the Asia Pacific region, that also includes AppWorks, Cherubic , RedBadge Pacific and RTP Global. The startup has secured about $32.4 million till now.

Beam, similar to Yulu and Bounce across India, provides electric scooters in five of these markets. Gasoline scooters and electric scooters have become extremely popular across a number of Asia countries and other places as people seek alternative transportation options to be able to move faster around the city.

It is not an uncommon sight for the scooters to be found carelessly abandoned on the streets despite them making inroads in several markets. Beam, unlike many other startups, tends to incentivize all its riders with the help of in-app offers to further park the scooters at spots that are predetermined.

Alan Jiang, chief executive and co-founder of Beam said that the company is looking forward to presenting its new technology along with its capability to lower issues related to randomly strewn around scooters in the city. This will further help the firm to enhance the rate of industry-leading vehicle retention, lowers the operational costs and more importantly, benefit the communities by helping keep the city streets neat.

Beam made sure to not disclose the number of customers it has gathered and will be using the fresh capital to boost its engineering and operational focus as well as grow more into the pre-existing market. It shall also boost the release of the third generation e-scooter called the Beam Saturn featuring swappable batteries and enhanced build to even more markets.

 

Source Credit- https://techcrunch.com/2020/05/31/singapores-micromobility-startup-beam-raises-26-million/