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[Update, 25 October]

Beam will only be able to start operating in Singapore next year, the Land Transport Authority (LTA) has said.

License application exercises for firms to offer mobility-sharing services are carried out twice a year, with the next exercise coming up in January 2019.

“We would like to remind all interested companies that it is an offence to operate a device-sharing service at public places without a licence,” said LTA.

Firms found to be operating without a license can be fined up to $10,000 and jailed up to 6 months, with an additional fine of $500 per day if it continues operating after conviction.

Beam’s Vice President of Corporate Affairs, Christopher Hilton responded to LTA’s statement saying the company intends to “comply fully with the Parking Places Act when [they] launch”.

A new e-scooter sharing service, Beam, has raised US$6.4 million (S$9 million) to launch in Singapore.

Beam just closed its seed funding round, led by Sequoia India, Founders Fund, ZhenFund and Class 5 Global, with other backers including Arbor, Insignia, 500 Startups, Gobi and K2 Global.

The startup’s co-founder and CEO, Alan Jiang, previously led ofo’s Asia-Pacific operations, and has also been the country manager for Uber Indonesia.

Beam says in a press release that it will put the funding towards initial purchases of its Segway-Ninebot manufactured e-scooters, developing its mobile app, and hiring for its team.

It will roll out the shared mobility service in Singapore “within the next few weeks”, although its launch will be “relatively small”. Subsequently, Beam plans to expand to Malaysia, Australia and South Korea soon.

To unlock a Beam e-scooter, users in Singapore will pay $1, followed by $0.15 for every minute of use. No deposit will be required.

Taking a leaf from the book of successful US firms like Bird and Lime, Beam will also pay people who help to charge and redeploy its e-scooters.

The firm says it will conduct training and issue chargers specifically meant for its scooters, in order to prevent fire hazards when people charge them.

Beam also says it is currently working with the Land Transport Authority in Singapore to “make sure there’s a regulated space that makes sense for [its operations]”.

“We want to change the fundamental way that people move around Asian cities,” says Jiang.

Featured Image Credit: Beam

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Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)