Beeline has closed its Seedrs crowdfunding campaign, having exceeded its £800,000 target and reaching an investment total of £1,013,608.
Following the release of the Velo 2 GPS cycling computer, Beeline said the funding round will enable it to accelerate the development of its navigation technology and expand into new markets.
Founded in 2015 by Mark Jenner and Tom Putnam, London-based Beeline aims 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.
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.”
The company will use the investment to grow its consumer offering, expand into new markets and continue building on the navigation technology. 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 their navigation devices, through the use of their 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, a refresh of Beeline’s original Velo device, offering a new navigation interface, a larger display screen and an enhanced app-based route planner.
Supported by Beeline’s second Kickstarter campaign, the Velo 2 had over 5,000 backers, who pledged more than $470,000, and retails at £79.99.