E-SCOOTER sharing startup Beam has clinched US$26 million in Series A funding led by Sequoia India and South Korea’s Hana Ventures, the startup announced in a press statement on Monday.
Beam plans to use the fresh funds to expand its fleet in South Korea, Australia, Malaysia, New Zealand and Taiwan. It also has new city launches underway.
The startup further plans to accelerate the rollout of its new third-generation e-scooter, the Beam Saturn, to all markets. The new model features swappable batteries, an aluminium frame, tubeless safety tyres, high grip rear-wheel drive, and a dual mechanical and electronic braking system.
Beam will also progressively introduce new features that keep its e-scooters safe for pedestrians when parked on city streets, which would also minimise its vehicle losses.
The three-year-old startup is headquartered in Singapore, but does not have operations here. However, a spokesperson told The Business Times that the company sees "a real opportunity in the country and will work with all relevant authorities to bring more transportation options to the island".
Alan Jiang, chief executive of Beam, expressed gratitude for investors’ continued support amid the 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,” he said.
Abheek Anand, managing director of Sequoia Capital (India) Singapore, added that Beam’s “innovative technology, collaboration with regulators and a razor focus on high safety standards” gives it an edge in Asia-Pacific.
Said Henry Choi, director and head of global Investment at Hana Ventures: “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 due to its growing hardware and software infrastructure. We believe the amalgamation of these situations will make Beam the industry leader in micromobility.”