Beeline, the British routing and navigation specialist, has today launched a Seedrs crowdfunding campaign, following the release of its Velo 2 GPS cycling computer.
Since being founded in 2015 by Mark Jenner and Tom Putnam, London-based Beeline has aimed to help cyclists and motorcyclists have better journeys through intuitive navigation technology. Having grown to a team of over 20, the business is now seeking crowdfunded investment to expand further.
Aiming to raise £800,000, Beeline will use the investment to grow its consumer offering, expand into new markets and to continue building on the navigation technology at the core of all products. The crowdfunding campaign is now open to the public, with over 80% of the target having already been raised from existing shareholders and new Angel investors.
Beeline has previously been backed by Seedcamp and True Global as well as the Mayor of London’s Co-investment Fund, Earlymarket and equity crowdfunding community, Seedrs. It is also the recipient of grants from the European Space Agency and Innovate UK.
The existing technology is delivered to the end-user in three ways; through navigation devices, through the use of a mobile app, and via API and software integrated into business customers’ apps or products (e.g. a shared micromobility scooter).
In June this year, Beeline launched the Velo 2. This is positioned as complete refresh of Beeline’s original Velo device. The Beeline Velo 2 offers a new navigation interface, a larger display screen and an enhanced app-based route planner.
The launch of the Velo 2 also coincided with the company reaching a significant milestone, of a million rides being taken using its Velo or Moto devices.
Supported by Beeline’s second Kickstarter campaign, the Velo 2 had over 5,000 backers, who pledged more than US$400,000. The device retails for £79.99.
In order to provide the best possible routes for their users, Beeline gathers several types of data from its community of riders, as well as bringing together external information from the open mapping community (OpenStreetMap).
Beeline co-founder Mark Jenner said “This is an incredibly exciting time for all of us at Beeline. We’re delighted with the reception of the Beeline Velo 2, and are already seeing lots of people enjoying routes using it.
“We’ve got a real opportunity now with this [next] crowdfunding campaign, to further invest in the technology that we believe will make cycling more accessible and enjoyable to more people.
“If our mission resonates with you, then now is a great time to be involved and invest in Beeline.”
