Beam raises $93m in Series B funding to expand micromobility fleet across Asia Pacific
Affirma Capital led the round to support new market entry and safety technology development.
≈ £69.4M at $1 = £0.7459 on 25 Feb 2022
Beam provides shared micromobility services across the Asia Pacific region, operating fleets of e-scooters and e-bikes in multiple countries.
Beam has raised $93m in a Series B funding round to expand its shared micromobility services into new international markets and scale its technology. The investment was led by Affirma Capital, with participation from a group of regional and international backers including Sequoia Capital India and RTP Global.
The capital will support the company's entry into new countries such as Japan, Indonesia, and Turkey, alongside the introduction of e-mopeds to its existing fleet. In addition, the funds will be allocated towards enhancing proprietary safety systems designed to assist with municipal zoning and pedestrian protection.
The Singapore-based operator has experienced significant growth during the pandemic, scaling its revenue significantly while partnering with local municipal authorities to provide sustainable urban transport alternatives.
From the founder
"Micromobility has taken cutting edge safety systems such as Beam’s MARS technology and implemented them onto small electric vehicles such as e-scooters, e-bikes, and e-mopeds to help cities flow better for everyone. We are extremely excited to partner with a visionary fund such as Affirma Capital to bring lower cost, greener, and safer mobility for cities across APAC."
Alan Jiang
Co-founder and Chief Executive Officer at Beam
Investor perspective
"The micromobility industry is unfolding rapidly in Asia Pacific and Beam is the regional leader in the space. Beam is equipped with highly capable management, technological agility, proven operational capabilities, and a capital-efficient expansion strategy to solidify its leadership. We believe that Affirma Capital’s cross-regional footprint and strong network will fuel the Company’s exponential growth."
Taeyub Kim
Co-Founder and Head of Korea, Affirma Capital
Use of funds
- 01Expand into international markets
- 02Continue product development
Investors
Taeyub Kim
Affirma Capital
Sequoia Capital India
Hana Ventures
ICT Capital
EDBI
AC Ventures
RTP Global
Momentum Capital