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Beam Mobility’s ongoing fraud case a reminder that investors face reputational, fiduciary duty risks

Funds that had taken seats on the startup’s board will face more than just scrutiny from investors

Benjamin Cher

Benjamin Cher

Published Sat, Sep 14, 2024 · 05:00 AM
    • The fallout from Beam Mobility's alleged fraud will span more than just terminated contracts with town councils in Australia and New Zealand. It could also have an impact on its investors.
    • The fallout from Beam Mobility's alleged fraud will span more than just terminated contracts with town councils in Australia and New Zealand. It could also have an impact on its investors. PHOTO: BEAM MOBILITY

    SINGAPORE-BASED startup Beam Mobility, an e-scooter-sharing service provider, has managed to attract a number of marquee investors since its launch in 2018.

    On its capitalisation table – a spreadsheet that details who owns what percentage of a startup – are renowned names such as US venture capital (VC) firm 500 Global, SMRT’s Momentum Ventures Capital, and the Singapore Economic Development Board’s investment arm, EDBI.

    But these investors’ reputations may be dragged down as Beam is accused of defrauding several town councils in Australia and New Zealand.

    Sequoia CapitalCorporate governance

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