Beam, a Singapore-based shared micro-mobility company, announced on 25th Feb 2022 that it has secured US $93 million in a Series B investment to expand into additional Asian markets.
Affirma Capital led the round, which takes the total amount funded to US $135 million, with Sequoia Capital India, Hana Ventures, ICT Capital, EDB Investment (EDBI), AC Ventures, RTP Global, and Momentum Venture Capital joining in.
What the founder has to say:
According to CEO and co-founder Alan Jiang, Beam’s valuation has risen into the triple digits due to Series B.
Furthermore, the new funds will allow Beam to accelerate the rollout of its new 5th generation Beam Saturn e-scooter, which the business plans to begin in the second half of this year. According to Jiang, the next-generation scooter will include an updated version of Beam’s safety platform, termed Micro mobility Augmented Riding Safety (MARS), which would help protect pedestrians and provide local governments more control over where e-vehicles may park and ride.
“Our goal is to transition single person rides to shared compact electric vehicles, which are both ecologically friendly for cities and cost-effective for consumers”.
About Beam:
Beam is concentrating its efforts in Asia on expanding transportation alternatives, starting with e-scooters. Beam will enable urban dwellers to take control of their mobility options as Asian cities continue to rise.
They plan to expand into markets such as Japan, Indonesia, the Philippines, Vietnam, and Turkey. It now operates e-scooters and e-bikes in 35 cities across Malaysia, Thailand, South Korea, Australia, and New Zealand.
Despite mobility constraints created by the Covid-19 epidemic, Beam’s revenue has grown 15 times since 2020, according to Jiang; when asked about tightening micromobility regulations in some Asian countries, Jiang said that Beam works closely with regulators in all of the geographies where the company operates to provide safe and sustainable shared micromobility and that the company rebalances vehicle assets between geographies based on deployment opportunities. He said that micro-mobility is increasingly acknowledged as a necessary mode of transportation practically everywhere in Asia, with the associated legislative frameworks maturing.
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