E-Scooter Startup Beam raises US$26 million
Beam, a Singapore-based micromobility startup manufacturing e-scooters, has announced that the company has raised USD 26 million a Series-A funding round. The fundraising initiative is led by Sequoia India and Hana Ventures, and other investors like RTP Global, AppWorks, Right Click, Cherubic and RedBadge Pacific from the Asia Pacific. The company will use this funding to expand its business in Korea, Australia, Malaysia, New Zealand, and Taiwan.
The company provides electric scooters that have in several Asian nations as people want alternative transportation to move around at speed and less cost. It has plans to roll out new features to keep the e-scooters safe for the pedestrians when they are parked on streets and to help cut vehicle losses.
It further aims to accelerate the introduction of its new ride-sharing e-scooter, called Beam Saturn, which batteries that can be swapped, high grip rear-wheel drive, tubeless safety tires, and a dual mechanical and electronic braking system for safety. Beam has incentivized its riders through in-app offers to park the scooters at predetermined spots, unlike other companies.
The company also plans to enhance its initiative called Beam Safe Academy. This project provides online real-world scooter training to ensure the safety of the rider and pedestrian on the roads.
Alan Jiang, the co-founder, and chief executive of Beam said “I am extremely excited about our new project. The new technology used will help to reduce all the problems associated with randomly scattered scooters around a city.” He further added, “This helps us to improve our industry-leading vehicle retention rates, reduce operational costs, and most importantly, benefit communities by keeping city streets neat.”
Abheek Anand, managing director of Sequoia Capital (India) Singapore, said, “Beam’s innovative technology, collaboration with regulators and a razor focus on high safety standards gives it an edge in Asia-Pacific.”
Henry Choi, director and head of global Investment at Hana Ventures added, “Beam’s key members have demonstrated unique operation approaches in dealing with business growth and regulatory hurdles around the Asia-Pacific region. Simultaneously, the industry has rapidly evolved. We believe that the ongoing situation will make Beam the industry leader in micromobility.”
Beam claims that it is the only e-scooter operator in the region which is officially Climate Neutral Certified, a label that is granted to companies reducing scope 1 and 2 carbon footprints. The company is also committed to continually reducing its emissions in 2020 and beyond.
There have been a large focus on clean and efficient mobility solutions across the world, post- COVID-19 lockdowns. During the Covid-19 crisis, open-air mobility provided by e-scooters is the safest and most affordable transportation option. Moreover, the company has also implemented rigid cleaning practices to limit the possibility of contamination and spreading the virus.
During the Covid-19 lockdowns the transportation industry on the whole has been adversely affected dropping their revenue over the past two months.