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Singapore’s micromobility startup Beam raises $26 million

Beam, a Singapore-headquartered micromobility firm that offers shared e-scooters, had given rise to $ 26 million in a brand-new financing round as it gazes to expand its footprint in Korea, Australia, Malaysia, New Zealand, and Taiwan.

Sequoia India and Hana Ventures headed the two-and-a-half-year-old startup’s Series A financing round, while several more investors from Asia Pacific region including RTP Global, AppWorks, Right Click, Cherubic and RedBadge Pacific participated, Beam said. The startup has raised $32.4 million to date, a spokesperson told TechCrunch.

Beam, like Bounce and Yulu in India, offers electric scooters in the above-mentioned five markets. Electric and gasoline scooters have become popular in several Asian commonwealths and elsewhere as beings look for alternative transportation mediums to move around faster and at less cost.

While these vehicles make inroads into various business, it’s also not uncommon to find these scooters vacated carelessly in the street. Beam said unlike other startups, it incentivizes its equestrians through in-app offers to park the scooters at predetermined spots.

“I’m really excited about our new technology and its ability to reduce the problems associated with arbitrarily disbanded scooters around a town. This helps us to further improve our industry-leading vehicle retention proportions, shorten operational costs, and more importantly, benefits communities by stopping city streets neater, ” said Beam co-founder and united states president Alan Jiang.

Beam, which did not disclosed how many customers it has amassed, will use the fresh fund to grow its operational and engineering focus and grow deeper in its existing marketplaces, it said. It will likewise “accelerate” the launch of its third-generation e-scooter, the Beam Saturn, which facets swappable batteries, improved body-build, to more markets, it said.

Abheek Anand, Managing board at Sequoia Capital India, said Beam’s collaboration with regulators, engineering, and penetrations into the transportation landscape stand to give it an edge up the Asia Pacific region.

The startup’s fundraising comes at a time when many young conglomerates, especially those operating in transportation category, in Asia are struggling to raise capital. Beam said it had implemented stringent cleansing and runnings rehearsals to restriction the possibility of virus transmission to allay riders’ concern.

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