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Singapore’s micromobility startup Beam raises $26 million

Singapore’s micromobility startup Beam raises $26 million

Beam, a Singapore-headquartered micromobility agency that provides shared e-scooters, has raised $26 million in a brand new financing spherical because it seems to broaden its footprint in Korea, Australia, Malaysia, New Zealand, and Taiwan.

Sequoia India and Hana Ventures led the two-and-a-half-year-old startup’s Series A financing spherical, whereas a number of extra buyers from Asia Pacific area participated, Beam mentioned with out disclosing their names. The startup has raised $32.four million up to now, a spokesperson advised TechCrunch.

Beam, like Bounce and Yulu in India, presents electrical scooters within the aforementioned 5 markets. Electric and gasoline scooters have develop into common in a number of Asian nations and elsewhere as individuals search for different transportation mediums to maneuver round quicker and at much less price.

While these autos make inroads into varied markets, it’s additionally not unusual to search out these scooters deserted carelessly within the streets. Beam mentioned in contrast to different startups, it incentivizes its riders via in-app presents to park the scooters at predetermined spots.

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“I’m actually enthusiastic about our new expertise and its skill to scale back the issues related to randomly scattered scooters round a metropolis. This helps us to additional enhance our industry-leading car retention charges, cut back operational prices, and most significantly, advantages communities by retaining metropolis streets neater,” mentioned Beam co-founder and chief government Alan Jiang.

Beam, which didn’t disclose what number of prospects it has amassed, will use the contemporary capital to develop its operational and engineering focus and develop deeper in its current markets, it mentioned. It may even “speed up” the launch of its third-generation e-scooter, the Beam Saturn, which options swappable batteries, improved construct, to extra markets, it mentioned.

Abheek Anand, Managing Director at Sequoia Capital India, mentioned Beam’s collaboration with regulators, expertise, and insights into the transportation panorama stand to offer it an edge within the Asia Pacific area.

EditorialTeam

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