Asia-Pacific’s micromobility operator Beam has today announced that it has raised a Series A funding round of $26 million. The round was led by Sequoia India and Hana Ventures and included RTP Global.
Beam is forging a new path for micromobility in contrast to the established dockless model that allows scooters to be parked anywhere on city streets.
For Beam, the future is docked. Having a “virtual docked” model ensures riders park in predetermined parking spots by offering incentives through the Beam mobile app.
Beam Co-Founder and CEO Alan Jiang said, “We’re grateful to our incredibly supportive investors who believe in our unique ‘virtual dock’ approach to micromobility and continue to support us through a very uncertain macroeconomic environment.
“I’m really excited about our new technology and its ability to reduce the problems associated with randomly scattered scooters around a city. This helps us to further improve our industry-leading vehicle retention rates, reduce operational costs, and most importantly, benefits communities by keeping city streets neater.”
Deb Gangopadhyay Co-Founder and CTO added,“The success of any new technology depends on mass acceptance, and the quicker and better we can ensure e-scooters are used and parked where they should be, the more welcoming city residents will be. We have designed our business and our product around that insight, and it is what makes us different.”
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Abheek Anand, Managing Director, Sequoia Capital (India) Singapore said, “Beam has deep insights into the evolving transportation landscape in their markets. A combination of innovative technology, collaboration with regulators and a razor focus on high safety standards for both riders and pedestrians has given them an edge in the micromobility space across APAC.”
Galina Chifina Partner and Investment Advisor RTP Global said, “RTP Global has made mobility one of the top priorities over the last few years and we’re proud to support Beam as they continue to revolutionise APAC’s urban environments. Beam’s scooters have not only delivered an affordable, environmentally-friendly means of commuting but have helped shift consumer reliance away from gasoline-powered transport.”
Beam will continue to make the safety of riders and pedestrians its top priority by enhancing its industry-leading “Beam Safe Academy” initiative; introducing a number of online training tools, and further expanding the only real-world e-scooter rider training program in the APAC region.
Beam will use the fresh capital to support expansion across all markets with a strong focus on growing APAC’s largest mobility fleet in Korea, Australia, Malaysia, New Zealand, and Taiwan.