E-scooter startup Beam raises $26m in series A round

Singapore-based micromobility operator Beam today announced that it has raised US$26 million in a series A funding round led by Sequoia India and Hana Ventures, along with other investors from Asia Pacific.

Photo credit: Beam

Founded in 2018, the startup plans to use the new funds to expand its virtual docking systems. The model ensures that riders park the scooters in predetermined parking spots by offering incentives through the Beam mobile app.

Beam will also use part of the fresh capital to deploy its third-generation e-scooter Beam Saturn across Asia Pacific and grow its mobility fleets in Korea, Australia, Malaysia, New Zealand, and Taiwan.

The company said it will also roll out new features focused on keeping parked e-scooters safe for pedestrians to minimize vehicle loss.

“The success of any new technology depends on mass acceptance, and the quicker and better we can ensure e-scooters are used and parked where they should be, the more welcoming city residents will be,” Deb Gangopadhyay, co-founder and chief technology officer at Beam, said.

Beam will also enhance its initiative called Beam Safe Academy, introducing online training and expanding its real-world scooter training program to ensure rider and pedestrian safety.

The startup noted that amid Covid-19, shared open-air mobility provided by e-scooters remains a safe and an affordable transportation option.

The transportation industry as a whole has been significantly affected during lockdowns. Indian ride-sharing Ola, for example, cut 1,400 jobs and reported a 95% drop in revenue over the past two months. Grab, meanwhile, saw volumes in its ride-hailing business declining by double-digit percentages in some markets.