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Singaporean e-scooter startup Beam raises USD 26 million Series A funding

Beam will expand its virtual docking system and deploy its next-generation e-scooter Beam Saturn in its markets across Asia Pacific.

Singapore-based e-scooter startup Beam has bagged USD 26 million in a Series A funding round led by Sequoia India and Hana Ventures, the company announced on Monday. With the new investment, Beam will be rolling out features that will keep the company’s e-scooters safe for pedestrians and will reduce vehicle loss. Beam will also further expand its presence in Malaysia, Taiwan, Australia, New Zealand, and South Korea.

Beam is introducing a new “virtual docked” model that incentivizes riders to park in predetermined spots suggested by the Beam mobile app. “I’m really excited about our new technology and its ability to reduce the problems associated with randomly scattered scooters around a city,” said co-founder and CEO Alan Jiang in a statement.

Earlier this year, Beam launched “Beam Safe Academy” consisting of online training tools to teach first-time riders safe and responsible e-scooter use. The startup will also accelerate the introduction of its next-generation e-scooter Beam Saturn, which promises more stable rides, even on rough surfaces.

The company further said it worked with the independent non-profit organization Climate Neutral to measure its 2019 carbon emissions and offset that entire carbon footprint. It pledged to continue these efforts this year and beyond.

Beam was founded in 2018 by Alan Jiang and Deb Gangopadhyay. Jiang used to lead Uber’s operations in Indonesia from 2014 to 2017 and was later Southeast Asia head of Ofo, the Chinese bike-sharing startup.