Honeycomb Network secures £127k pre-seed funding from SFC Capital to develop micromobility storage pods
SFC Capital has backed the Imperial College London spinout to fund prototype development and pilot deployment.
Honeycomb Network builds secure storage and smart charging infrastructure for micromobility vehicles such as e-bikes and e-scooters. The London-based startup addresses urban mobility challenges and helps reduce electronic waste.
London-based micromobility startup Honeycomb Network has secured £127k in pre-seed funding from SFC Capital. The capital will be directed towards finalising prototype development for the company storage and charging pods and launching an initial pilot scheme.
Born out of an entrepreneurship module at Imperial College London, the spinout aims to resolve security and charging infrastructure hurdles associated with urban e-scooters and e-bikes. The pods feature universal charging connectors and modular configurations designed to integrate into commercial and public spaces.
Gabriel Yoong, co-founder and chief executive of Honeycomb Network, noted that the proceeds will help prove the technology and validate the business model ahead of a subsequent funding round prior to commercialisation next year. SFC Capital backed the round to capture early market share in the growing micromobility sector.
From the founder
"The largest problems around e-bikes and e-scooters are engineering-related, and that’s exactly what Honeycomb Network is built around. For starters, there is the charger problem. Unlike, for example, phones, most e-scooters and e-bikes have different charging points. Our technology includes universal charging points that can be used by all e-scooters and e-bikes, regardless of the brand. The Honeycomb Network pods include cables, so that users don’t have to carry them around."
Gabriel Yoong
CEO at Honeycomb Network
Investor perspective
"Honeycomb Network represented a timely investment opportunity for SFC Capital to get ahead in the booming micromobility market. This investment will play a pivotal role in the next big milestones for the company; enabling the final development of their first fully working prototype locker and increasing capacity to engage with multinational supermarkets, retail parks and local councils to discuss the future installation of the units citywide. We are very much looking forward to seeing them grow and supporting their journey."
Adam Beveridge
Investment Associate, SFC Capital
Use of funds
- 01Continue product development
- 02Scale operations
Investors
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About the company
Honeycomb Network
Honeycomb Network provides secure storage and smart charging pods for e-bikes and e-scooters.