Beeline, the British routing and navigation firm, has closed its Seedrs crowdfunding campaign, having exceeded its £800k target and reaching an investment total of £1,013,608.
Following the release of the company’s Velo 2 GPS cycling computer, the funding round will enable Beeline to accelerate the development of its navigation technology and expand into new markets.
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 sought crowdfunded investment to enable expansion.
Beeline aimed to raise £800,038 but smashed its target and achieved 126% of this, resulting in £1,013,608 of investment at the end of the campaign. It will use the investment to grow the brand’s consumer offering, expand into new markets and to continue building on the navigation technology at the core of all its products.
Over 80% of the target was raised from existing shareholders and new Angel investors, while the remainder came from the general public.
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 micro mobility scooter).
In June this year, Beeline launched the Velo 2. Billed as a 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 50,000,000km travelled using Beeline technology,
Supported by Beeline’s second successful Kickstarter campaign, the Velo 2 had over 5,000 backers, who pledged more than US$470,000. The device retails at £79.99.
In order to provide the best possible routes for its 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 “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.”
