Beam raises $26 million

Beam Mobility, a Singapore-based micromobility startup that offers shared e-scooters, has raised $26 million in a new financing round co-led by Sequoia India and Hana Ventures, with participation from RTP Global, AppWorks, Right Click, Cherubic and RedBadge Pacific participated. To date, the startup has raised $32.4 million.

Founded in 2018, Beam is currently available in Australia, New Zealand, South Korea, Taiwan and Malaysia, and it offers per trip personal accident insurance coverage underwritten by Allianz and Chubb to eligible Beam riders.

“We’re grateful to our incredibly supportive investors who believe in our unique ‘virtual dock’ approach to micromobility and continue to support us through a very uncertain macroeconomic environment. I’m really excited about our new technology and its ability to reduce the problems associated with randomly scattered scooters around a city. This helps us to further improve our industry-leading vehicle retention rates, reduce operational costs, and most importantly, benefits communities by keeping city streets neater.” – Beam Co-Founder and CEO Alan Jiang​ .

“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.” – Abheek Anand, Managing Director, Sequoia Capital (India) Singapore.

“RTP Global has made mobility one of the top priorities over the last few years and we’re proud to support Beam as they continue to revolutionize APAC’s urban environments. Beam’s scooters have not only delivered an affordable, environmentally-friendly means of commuting but have helped shift consumer reliance away from gasoline-powered transport​.” – Galina Chifina Partner and Investment Advisor RTP GLobal.