Singapore’s Beep raised $3.3 M Pre-Series A funding, expands to Thailand & Malaysia

The $3.3 million Pre-Series A investment round for Beep, a startup providing an internet of things (IoT) transaction platform, has closed.

Granite Asia (previously GGV Capital), Farquhar VC, SUTD Venture Holdings, Wing Vasiksiri, and newcomer M7 Ace Neo, an M7 Company, led the oversubscribed fundraising effort. Beep stated on Wednesday in a statement.

It stated that this is consistent with its plan to expand into Southeast Asia, beginning in Malaysia and Thailand.

The company claims Southeast Asia has a huge demand for electric cars (EVs), with an 894 percent year-over-year increase in EV sales in the region.

Beep’s initial phase of regional expansion strategy is concentrated on expanding Voltality’s charging network in Malaysia and Thailand.

The platform from Voltality is reportedly live with its initial partners in Malaysia and is scheduled to debut in Thailand during the third quarter of 2024.

In addition to WHA Group, a leading developer of fully integrated logistics, industrial estates, power and utilities, and digital solutions, and EVme, the largest and fastest-growing EV rental and purchasing platform in the nation, Voltality has already signed contracts with Sharge and Evolt, two of the top five charging operators in Thailand.

Through the agreement, several thousand vehicles will be able to connect locally to over 1,600 charge points, and the network is expected to continue expanding soon.

Several charging operators in Malaysia have signed contracts, including KINETA, a subsidiary of Sime Darby Berhad.

Major participant in Malaysia’s EV market, KINETA and ChargEV announced a partnership in May to spur innovation in EV charging and roaming.

In order to integrate Beep’s “KINETA Charge” application with Voltality’s platform, the two companies partnered.

Additionally, Voltality has agreements in place with mobility partners to provide cross-border and local charging connectivity by the second half of 2024.

In preparation for its second phase in 2025, Beep is also considering growing into additional regional markets, including Vietnam, Indonesia, and others.

Contracts have been signed with multiple charging operators in Malaysia, including KINETA, a subsidiary of Sime Darby Berhad.

A significant participant in Malaysia’s EV market, KINETA and ChargEV announced a collaboration in May to promote the advancement of EV charging and roaming technology.

In order to integrate Voltality’s platform with its “KINETA Charge” application, Beep teamed up with KINETA.

In order to provide cross-border and local charging connectivity by the second half of 2024, Voltality has also signed contracts with mobility partners.

For its second phase, which begins in 2025, Beep is also considering growing into other regional markets like Indonesia, Vietnam, and others.