Aditya Hadi Pratama · · 1 min readEx-Uber exec’s e-scooter firm bags $93m in series B round
Beam, a Singapore-based micromobility operator, has raised US$93 million in a series B funding round led by private equity firm Affirma Capital, with participation from Sequoia Capital India and Hana Ventures.
Beam co-founders Alan Jiang (left) and Deb Gangopadhyay / Photo credit: Beam
Beam is an e-scooter and e-bike-sharing company that operates in 35 cities across Singapore, Malaysia, Thailand, South Korea, Australia, and New Zealand.
In a statement, the firm claimed that its revenue grew 15x since the start of the Covid-19 pandemic in early 2020. According to the company, one Beam trip is taken every two seconds, which amounts to 1.3 million rides per month.
The firm was founded by former Uber country manager Alan Jiang and Push Nova founder Deb Gangopadhyay in 2018.
With the fresh funding, Beam plans to accelerate the deployment of its fifth generation e-scooter and introduce e-mopeds into its vehicles inventory. The investment will also be used to fuel its expansion to new markets, such as Japan, Indonesia, the Philippines, Vietnam, and Turkey.
Prior to this round, the startup had raised more than US$38 million in total funding.
See also: Micromobility turns a corner as e-scooter startups like Beam become profitable
Other investors in this round include:
- ICT Capital
- EDBI
- AC Ventures
- RTP Global
- Momentum Venture Capital
Editing by Collin Furtado and Jaclyn Tiu
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