Hogan Lovells advises Affirma Capital in Series B funding of Singapore-based micromobility startup Beam

Press releases | 22 April 2022

Singapore, 22 April 2022 – A cross-border team from Hogan Lovells has advised Affirma Capital Managers (Affirma Capital) on its participation, as lead investor, in the US$93 million Series B funding round of Beam Mobility Holdings Pte. Ltd. (Beam), a Singapore-based micromobility operator. Beam operates a fleet of e-scooters and e-bikes in 35 cities across Malaysia, Thailand, South Korea, Australia, and New Zealand.

The fresh capital, which brings Beam’s total funding raised to US$135 million, was led by Affirma Capital, with participation from Sequoia Capital India, Hana Ventures, ICT Capital, EDB Investment (EDBI), AC Ventures, RTP Global, and Momentum Venture Capital. The 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, the new capital will enable Beam to spur its deployment of a new fifth-generation Beam Saturn e-scooter, which the company intends to start rolling out in the second half of this year. The next-gen scooter will come with a suite of safety technologies through the deployment of Micromobility Augmented Riding Safety (MARS), which includes cutting-edge safety innovations that protect pedestrians, enhance local governments’ control of city spaces for zoning and parking, and drive safer usage of vehicles by riders.

Despite mobility restrictions caused by COVID-19, the demand for micromobility continues to grow in Asia-Pacific, which saw Beam’s top line revenue raise by more than 15 times since the start of the 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 eco-friendly ways to travel.

The transaction was led by Singapore-based Asia-Pacific Head of Corporate & Finance Stephanie Keen with support from counsel Danielle Wu (Singapore) and associate Amelia Lee (Singapore). Partner Charles Bogle (Sydney) led the Australian aspects with support from senior associate George Hanna, and associates William Tai and Evy Wiggins (all Sydney).