Beam secures US$93 million in Series B funding led by private equity firm Affirma Capital
PR94752
SINGAPORE and JAKARTA, Indonesia and TOKYO, March 1, 2022 /PRNewswire=KYODO JBN/ --
- The investment will accelerate Beam's deployment of its 5th generation Beam
Saturn e-scooter with cutting-edge MARS ["Micromobility Augmented Riding
Safety"] technology.
- Beam has grown revenue by 15 times since the start of 2020, despite
experiencing mobility restrictions caused by the Covid-19 pandemic. As cities
emerge from lockdown, the demand for safe and sustainable micromobility is
accelerating. Today, one Beam trip is taken every 2 seconds.
- Beam is Asia Pacific's largest and fastest-growing micromobility operator. It
operates a fleet of e-scooters and e-bikes in 35 cities across Malaysia,
Thailand, South Korea, Australia and New Zealand.
- Beam plans to launch in 3 more countries this year as well as become
tri-modal by adding e-mopeds to its fleet.
Beam, Asia Pacific's leading micromobility operator has announced a Series B
funding round of US$93 million. The round is led by private equity firm Affirma
Capital, and includes participation from Sequoia Capital India, Hana Ventures,
ICT Capital, EDBI, AC Ventures, RTP Global, and Momentum Venture Capital, among
others.
Despite interruptions caused by COVID-19 related mobility restrictions, the
demand for micromobility continues to grow in Asia Pacific - Beam grew topline
revenue by 15x since the start of the COVID-19 pandemic. Beam works with local
governments in cities across Asia Pacific to provide safe and sustainable
shared micromobility as their communities become interested in cleaner and more
sustainable ways to travel.
Funds raised will be used to bring Beam's shared micromobility vehicles and
technologies into new markets such as Japan, Indonesia, the Philippines,
Vietnam and Turkey. Beam plans to be the first tri-modal micromobility operator
in Asia Pacific by introducing e-mopeds into its vehicle portfolio. In
addition, Beam will use the funds to further enhance its suite of safety
technologies through the deployment of MARS ["Micromobility Augmented Riding
Safety"], which includes cutting-edge safety innovations that protect
pedestrians, enhance Councils' control of city spaces for zoning and parking,
and drive safer usage of vehicles by riders.
Beam has always placed safety first in everything we do, and we continue to
make investments into our technology to make every ride a safe one for the
rider and the community. As part of its next-phase rollout, Beam is also
introducing its new 5th generation Beam Saturn e-scooter which has 12-inch
wheels (20% larger than the average e-scooter) combined with hydraulic
suspension for the smoothest riding experience. The Beam Saturn has fully
swappable batteries with sufficient capacity for 110 km of riding range (double
the average e-scooter battery capacity) to further improve sustainability.
Beam's Co-Founder and Chief Technology Officer, Deb Gangopadhyay, said, "We are
excited to serve new markets and journeys with our Beam Jupiter e-moped, and to
bring our 5th generation Beam Saturn e-scooter to cities with MARS technology
that will provide significant advancements in safety, city zoning control,
rider behavior management, and sustainability. We're particularly proud of the
innovations we've created to reduce risks to pedestrians with the Beam
Pedestrian Shield, an onboard AI camera that can instantly and accurately
detect pedestrians to prevent collisions, and detect footpaths to automatically
reduce vehicle speed or even prevent riding completely."
Co-founder and Chief Executive Officer, Alan Jiang stated, "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."
Taeyub Kim, Co-Founder and Head of Korea at Affirma Capital, stated, "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. Micromobility is an industry that looks to be dominated by
top tier regional category winners. We believe Beam is well-positioned to be
the category winner in Asia Pacific."
Thuy Dropsey, Managing Director and Co-Head of ASEAN at Affirma Capital, added,
"We are deeply impressed by the Company's engagement and partnership approach
with stakeholders, including cities, communities, users and employees, and its
leadership in high impact areas of environmental, social and governance,
enabled by strategic investments in advanced hardware and proprietary software.
Deb and Alan have demonstrated unique complementary strengths in building a
cohesive team to operate across markets with dynamic structures and challenges.
We are excited to partner with the Company to increase the velocity of
deployment, deepen penetration in existing markets and bring sustainable
micromobility access to more Asian cities."
About Beam
Beam is Asia Pacific's largest and fastest-growing shared micromobility company
with operations across five countries. We're on a mission to turn little drives
into better rides and make cities flow better for everyone, and we're leading
the way in Asia Pacific, in Australia, New Zealand, South Korea, Thailand, and
Malaysia.
Learn more @ www.ridebeam.com
About Affirma Capital
Affirma Capital is an independent emerging market private equity firm owned and
operated by the former senior leadership of Standard Chartered Private Equity.
It currently manages over US$3.5 billion in assets for leading global limited
partners and sovereign wealth funds. Affirma Capital has offices in Singapore,
Shanghai, Johannesburg, Dubai, Mumbai and Seoul.
Learn more @ https://affirmacapital.com/
Media Contacts
Rajiv Menon
Sling and Stone for Beam
rajivmenon@slingstone.com
Beam Press Office
press@ridebeam.com
Affirma Capital
media@affirmacapital.com
SOURCE: Beam
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Caption: From L to R - Beam series - Saturn e-scooter, Jupiter e-moped, Apollo e-bike
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