Beam raises US$26m for Asia Pacific expansion

Micro mobility provider Beam has raised US$26 million in a funding round led by Sequoia India and Hana Ventures with participation by Right Click Capital.

Funds raised will be dedicated to expanding Beam’s virtual docking systems and for deployment of the Beam Saturn e-scooter across the Asia Pacific (APAC) region.

Rather than use the dockless model that allows scooters to be parked anywhere on city streets, Beam will introduce a “virtual docked” model that ensures riders park in predetermined spots, incentivised through 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,” Beam cofounder and chief executive Alan Jiang says.

The Beam Saturn Generation 3 scooter is custom-built for sharing, and designed for safety, reliability and durability with swappable batteries, an aviation grade aluminium frame, 25cm tubeless safety tyres, high grip rear-wheel drive and a dual mechanical and electronic braking system.

It is on the streets now in Auckland and will be in Christchurch early next week, Beam says.

Beam will progressively roll out features focused on keeping Beam e-scooters safe for pedestrians when parked on city streets, also helping minimise vehicle losses.

“Beam has to work as hard to limit the downsides of e-scooters for non-riders as they do to enhance the upside for riders,” Beam cofounder and chief technical officer Deb Gangopadhyay says.

Right Click Capital principal Ulric J. Ferner says the company is proud that Beam will help Australians and Kiwis start moving again after the COVID-19 crisis.

Beam will use the fresh capital to support expansion across all markets with a strong focus on growing APAC’s mobility fleet in Korea, Australia, Malaysia, New Zealand, and Taiwan.

It will also enhance its Beam Safe Academy initiative, introducing online training tools and further expanding its real-world e-scooter rider training in the APAC region.

It has implemented stringent cleaning and operations practices to limit the possibility of virus transmission.

Beam is Climate Neutral Certified after working with independent non-profit organisation Climate Neutral to measure its 2019 carbon emissions and offset that entire carbon footprint, investing in projects that either prevent carbon being emitted, like renewable energy, or to remove carbon from the atmosphere, like planting trees.