E-scooter sharing company Beam attracts $26 million investment

Micromobility start-up Beam has raised $26 million in a new financing round.

The round was co-led by Sequoia India and Hana Ventures, with participation from RTP Global, AppWorks, Right Click, Cherubic and RedBadge Pacific. To date, the startup has raised $32.4 million.

Founded in 2018, the e-scooter sharing service 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,” said co-founder and CEO Alan Jiang.

“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.”

Galina Chifina, partner and investment advisor for RTP Global, added:  “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​.”

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