E-scooter startup Beam secures $36.67m in series A funding

It will be used to roll out its virtual docking systems and a new e-scooter model.

Singapore-based, e-scooter firm Beam has raised a series A funding round of $36.67m (US$26m) led by Sequoia India and Hana Ventures, a press release revealed.

The funds will be used for expanding its virtual docking systems and for the deployment of the new e-scooter model Beam Saturn across APAC.

Beam said that its virtual docking feature ensures riders park in predetermined parking spots by offering incentives through the Beam mobile app.

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

Meanwhile, its new third-generation e-scooter will be rolled out in all markets. The e-scooter claims to contain the highest safety standards and is custom-built for sharing. It features swappable batteries, an innovative aviation-grade aluminium frame, 25-centimeter tubeless safety tyres, high grip rear-wheel drive, and a dual mechanical and electronic braking system.

It is the only e-scooter operator from the APAC region to be officially Climate Neutral Certified, Beam stated.