Yesterday, business connector platform BEAM announced their success in acquiring funding in a round led by SOSV, with Artesian, and a number of angel investors following suit. While they declined to disclose the full amount, BEAM chief operating officer Kenneth Ho mentioned that it was “at a valuation higher than we expected”.
SOSV is an accelerator-focused tech venture capital firm that has so far funded over 500 startups, and currently invests in 150 startups a year. With their internal rate of return putting them in the top 10% of all venture funds worldwide, they are also known for running the Chinaccelerator, HAX, Food-X, MOX, and Indie-Bio accelerator programs. The other investment group involved is Artesian, a global alternative investment management firm that was spun out of the Australia and New Zealand Banking Group (ANZ) in 2004.
They currently operate Australia’s largest venture seed fund with over US$250 million in assets under their wing. BEAM’s latest success in receiving funding will now enable them to expand their operations into China and provide services to help bridge the Chinese scene to the rest of Asia, fostering better business and investor relationships as well as increasing career opportunities through the support of SOSV.
“What we hope to do in the long term is provide a bridging platform for Southeast Asian companies to enter China, and vice versa,” said Kenneth. Among some of the initiatives BEAM hopes to undertake in regards to entering China include: “We have much more planned, and we hope to reveal them as time progresses,” he added.
Additionally, the new funds will also allow BEAM to strengthen its existing operations in Kuala Lumpur, Johor, Singapore, and East Malaysia, with its connector platform currently carrying out conventions, networking events, and retreats in a number of Asian countries. Speaking on future expansions, Kenneth shared plans for BEAM to grow its number of users and expand its presence in even more external markets. Read more from vulcanpost.com…
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