Singapore-based start-up Beam aided by an investment of USD 26 Million

Singapore-based start-up Beam aided by an investment of USD 26 Million

Singapore-based start-up Beam aided by an investment of USD 26 Million

The start-up is looking to steer forward and expand its services and products into neighboring countries, like New Zealand, Australia, Taiwan, etc. Sequoia and Hana Venture were the two companies that were the first to contribute to the start-up. At the same time, there were loads of other investors from all over the Asia Pacific region who eagerly invested in the start-up. The service and product offered by the company are similar to the one provided by Indian companies like Yulu and Bounce. They provide electric scooters that can be hired like a cab to travel short to medium distances. Their function is quite similar to the zoom cars that are hired and can be self-driven. These scooters are gaining popularity very rapidly across the globe. People are becoming more aware of their responsibility towards conserving the environment, and therefore, they prefer electric and green means of transport over the previously used fossil fuel-run vehicles.

The biggest drivers for these are that the scooters are extremely friendly to the pocket and lessen the cost of transport incurred by the commuters previously. Alan Jiang, Co-founder and Chief Executive Officer, said, “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.”

The company has noticed how scooters from other companies have been observed to be thrown in the streets and plan to designate a lot of parking spaces and specific destinations to park and pick-up scooters. The company, therefore, seems to be up for a great start as it is making the most of this transition of the automobile industry to electric-powered vehicles.