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Beeline, the London-based company whose routing and navigation devices are aimed at cyclists and motorcyclists, is aiming to raise £800,000 in crowdfunded investment to help fund the next stage of its growth.
Founded in 2015, the business last month launched its Velo 2 GPS cycling computer, development of which was financed by a successful campaign on Kickstarter which raised more than $400,000 (£230,000) from 5,000 backers.
> Beeline launches Velo 2 cycle computer with improved route planning
Its latest crowdfunding campaign has been opened today to the public on the Seedrs platform, with 90 per cent of the £800,000 target already raised from existing shareholders and new angel investors, the company says.
According to Beeline, the money will be used to expand its product range and move into new markets as well as continuing to develop its navigation technology which is aimed at providing users, with on bicycles, motorbikes or e-scooters, with safe and enjoyable journeys.
In its pitch on Seedrs, the company highlights the three revenue streams it is targeting – business-to-consumer, through its Velo and Moto devices, business-to-business through integrated navigation services, currently used by e-scooter hire firm Tier and with discussions under way with other operators, and app subscriptions, “planned to launch within the next year.”
Mark Jenner, who co-founded the business with Tom Putnam, 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 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.’’
Launching the product last month, Beeline said: “The Velo 2 makes it even easier to navigate and follow turn instructions than its predecessor thanks to a completely new and improved navigation interface. The simplified navigation allows both new and experienced riders to feel confident in following a safe route.
“In order to provide the best possible routes for their users, Beeline gathers several types of data from Beeline rides, as well as bringing together the most relevant external information from the open mapping community (OpenStreetMap).
“During the ride, users can simply press the rating buttons at any point of their journey to indicate if they’re having a positive or negative experience. These Beeline Road Ratings then feed directly into Beeline’s routing algorithm to adapt and improve future routes. The more users and the more feedback, the better the routes become.”
The Strava-compatible device provides a choice of three routes – fast, slow, or a mix of both – once the destination has been inputted, which as our technical editor Mat Brett pointed out is also a feature found on Garmin’s GPS units, and users can also devise their own routes using Compass Mode.
Retailing at £79.99, and controlled via a smarthone app, it also provides details including speed, distance travelled and distance remaining to destination plus and estimated time of arrival there.
The weathersealed device attaches to the handlebars via a twist-lock mount, and is charged via a USB-C port, with the battery said to last for more than 10 hours.
We’re currently testing Beeline’s Velo 2 device, so look out for our review here on road.cc soon.
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