Micromobility operator Beam has secured US$26 million in Series A funding to drive its expansion in the Asia-Pacific region.
While others dabbled with the dockless model for anywhere parking, Beam took the dock approach by incentivising riders to park in pre-determined parking spots.
According to Alan Jiang, Co-Founder and CEO of Beam, the new investment will help his company to further improve its industry-leading vehicle retention rates, reduce operational costs, and most importantly, benefits communities by keeping city streets neater.
Beam will progressively roll out features that are focused on keeping its e-scooters safe for pedestrians when parked on city streets, which also helps to minimise vehicle losses.
The funding was led by Sequoia India and Hana Ventures plus investors across APAC.
“Beam has deep insights into the evolving transportation landscape in their markets. A combination of innovative technology, collaboration with regulators and a razor focus on high safety standards for both riders and pedestrians has given them an edge in the micromobility space across APAC”, said Abheek Anand, Managing Director of Sequoia Capital (India) Singapore.
The capital injection will be used to support expansion across all markets with a strong focus on growing Beam’s mobility fleets in Australia, Malaysia, New Zealand, South Korea, and Taiwan.
“Beam’s key members have demonstrated unique operation approaches in dealing with business growth and regulatory hurdles around the APAC region. Simultaneously, the industry has rapidly evolved due to its growing hardware and software infrastructure. We believe the amalgamation of these situations will make Beam the industry leader in micromobility,” said Henry Choi, Director & Head of Global Investment at Hana Ventures.