Beep Expands Voltality Network Across Southeast Asia with $3.3M Funding Boost

Beep, a Singapore-based IoT transaction platform startup, has successfully secured $3.3 million in its Pre-Series A funding round. The round, which was oversubscribed, saw participation from existing investors Granite Asia (formerly GGV Capital), Farquhar VC, SUTD Venture Holdings, and Wing Vasiksiri, along with new investment from M7 Ace Neo, a company under M7.

The startup plans to use the funds to expand its operations into Southeast Asia, starting with Thailand and Malaysia. With this, Beep plans to capitalize on the region’s growing demand for electric vehicles (EVs), which has seen a dramatic 894 percent year-on-year increase in total EV sales.

Launched in 2018, Beep operates Voltality, an integrated ecosystem encompassing charging stations, payment services, and vehicles. The platform debuted its electric vehicle (EV) e-roaming network in June 2022, covering over 1,350 charge points across 11 operators in Singapore. As of 2024, Beep has expanded its partnerships to include over 5,000 charging stations.

In Malaysia, Voltality has begun operations with its first partners, while its launch in Thailand is scheduled for the third quarter of 2024. In Thailand, Beep has secured agreements with leading operators Sharge and Evolt, along with WHA Group and EVme, enabling connectivity for thousands of vehicles to over 1,600 charge points.

Kristoffer Jacek Soh, Beep’s co-founder and CEO, expressed gratitude for the strong support from investors and partners, which has been crucial for the company’s growth. He highlighted that as EV adoption rises, there is a growing need for seamless charging infrastructure. 

Voltality aims to address this by providing integrated solutions that simplify access to charging stations, with options for app-less payments through credit cards and QR codes. 

Beep’s regional expansion will extend Voltality’s charging network into Malaysia and Thailand. Beep has signed agreements with several key operators in Malaysia, including KINETA and ChargEV, to advance EV charging and roaming innovation. 

Voltality will integrate with KINETA’s “KINETA Charge” app and secure local and cross-border charging connectivity within the second half of 2024. In Thailand, the platform has secured partnerships with Sharge and Evolt, major market players, along with WHA Group and EVme. 

Beep is also targeting further regional growth, with plans to enter markets such as Indonesia and Vietnam by 2025. Ming Maa, former Grab Group President, will join Beep as an advisor to support this expansion. Maa’s extensive experience in market development and partnerships in Southeast Asia will be instrumental in navigating the complexities of these new markets.

In addition to expanding its network, Voltality has recently signed a memorandum of understanding (MOU) with Grab. This collaboration aims to onboard more charging operators onto the network and develop an integrated charging platform for Grab’s driver-partners. A closed-door pilot with select drivers has already commenced in Singapore.

Voltality has partnered with Huawei Consumer Cloud Service to enhance data accuracy on charging station locations using Huawei’s Petal Maps and HMS for Car. This partnership will give EV drivers a more precise journey planner based on battery life. Beep’s success was also highlighted by its win in the Petronas FutureTech 3.0 accelerator program in 2023. 

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