Singapore based mobility startup BEAM secures US$93m in Series B funding
- ByStartupStory | February 25, 2022
Beam is a micro-mobility company that encourages users to park their e-scooters in pre-planned parking spots instead of parking them randomly on the street. It currently operates e-bikes and e-scooters in 35 cities across Malaysia, South Korea, Thailand, New Zealand and Australia. Beam aims to spread into markets like Japan, Vietnam, Indonesia, Turkey and the Philippines.
The new capital, which brings its total funding raised to $135 million, was led by Affirma Capital including participation from giant investors like Sequoia Capital India, AC Ventures, RTP Global, Hana Ventures, ICT Capital, EDB Investment (EDBI) and Momentum Venture Capital.
The CEO and co-founder of Beam Alan Jiang added that this Series B funding led Beam’s valuation up into the triple digits.
In addition, the fresh capital will encourage Beam to induce its deployment of a new 5th generation Beam Saturn e-scooter, which the company intends to launch in the second half of this year. The next-gen scooter will come with an upgraded version of Beam’s safety platform, dubbed Micro mobility Augmented Riding Safety (MARS), that will help to protect pedestrians and strengthen local governments’ control over parking of e-vehicles and ride, says Jiang.
Follow Startup Story
Related Posts
