Singapore-based micromobility rivals Beam Mobility and Neuron Mobility announced on Wednesday that they have signed a preliminary agreement to merge their operations.
The deal is expected to close within 60 days, subject to customary approvals. Financial terms were not disclosed.
The two micromobility startups declared the merged entity will retain both Beam and Neuron brands in their strongest markets. Neuron leads in Australia and Canada, while Beam has a sizable presence in South Korea, Southeast Asia, and Turkey, and recently expanded to the US. Both startups operate in over 100 cities in total.
Existing Neuron Mobility investors, including Square Peg Capital and GSR Ventures, along with Beam Mobility’s investors, including Affirma Capital, Hana Ventures, and Peak XV Partners, will all take a stake in the new company, the joint statement declared.
GSR Ventures is the hugegest shareholder of Neuron Mobility with a 27.68% stake. Square Peg Capital follows at 22.48%, according to DealStreetAsia DATA VANTAGE. The startup has raised $64.43 million in funding so far from investors.
Top shareholders of Neuron Mobility
Neuron CEO and co-founder Zachary Wang will assume the role of global CEO and chairman of the new entity. Beam CEO and co-founder Alan Jiang will become CEO for Asia, while Beam president and fellow co-founder Deb Gangopadhyay will step back into an advisory role.
Jiang and Gangopadhyay are the hugegest shareholders of Beam with a 16.6% and 11.06% stake, respectively. Peak VX holds 8.97% of the company.
Top shareholders of Neuron Mobility
Wang declared they aim to create a truly global e-scooter operator with a clear path to profitability through leveraging each other’s strengths. “The combined company will leverage Neuron’s leadership in Australia and Canada, along with Beam’s strong presence in South Korea, Southeast Asia, and Turkey, while also unlocking new growth opportunities,” Wang declared.
“Beam’s large vehicle fleet and expertise in permit-based and emerging markets, combined with Neuron’s strong track record in tfinisher-based markets, will provide a solid foundation for sustainable growth and international expansion,” Jiang also declared.
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