Beeline is raising growth capital on Seedrs – seeking £1 million. As of today, Beeline has raised over £800,000 and is well on its way to achieving its funding objective.
According to the offering page, Beeline is raising equity capital at a pre-money valuation of £8 million. The shares are qualified for EIS, a Seedrs nominee structure, and approved for trading on the Seedrs Secondary Market. Currently, 512 individual investors have backed the firm.
Beeline offers navigation technology for those using two wheels – think motorcycles, bicycles, scooters, e-bikes etc. If you ride any of those or all of the above, you understand routing and riding to destinations is more than a bit different than driving a car.
Founded in 2015 by Mark Jenner and Tom Putnam, London-based Beeline seeks to help cyclists and motorcyclists have superior journeys through better navigation technology.
Beeline states that it will use the additional money to grow its consumer offering, expand into new markets, and continue building on the navigation technology at the core of all its products.
Beeline notes that it has previously been supported by Seedcamp and True. Global as well as The Mayor of London’s Co-investment Fund, Earlymarket and equity crowdfunding community, Seedrs. Beeline is also the recipient of grants from the European Space Agency and Innovate UK.
Beeline launched the Velo 2 in June, described as a complete refresh of Beeline’s original Velo device. The company reports that thte launch of the Velo 2 coincided with the company reaching a milestone, of 50,000,000 km traveled using Beeline technology,
In a company statement, Beeline co-founder Jenner commented:
‘’We are delighted with the support shown for our recent Seedrs campaign; closing the campaign with 126% of our target is excellent and highlights the public’s desire for smarter and safer routing technology. Through the help of our loyal community and investors, we’ve been granted a huge opportunity now to further develop the technology that we believe will make two-wheeled transport more accessible and enjoyable to all. This is an incredibly exciting time for all of us at Beeline – watch this space”.
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