(Tuesday the 6th September 2022) Beeline, the British routing and navigation experts, have closed their Seedrs crowdfunding campaign, having exceeded their £800k target and reaching an investment total of £1,013,608. Following the successful release of their Velo 2 GPS cycling computer, the funding round will enable Beeline to accelerate the development of their 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 more people to join their mission and to share in the success of the business.

Beeline aimed to raise £800,038 but smashed their target and achieved 126% of this, resulting in £1,013,608 of investment at the end of the campaign. They will use the investment to grow their consumer offering, expand into new markets and to continue building on the navigation technology at the core of all their 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.

Beeline believes that the world needs more people on two wheels for the sake of our health, planet and quality of life. To do that, they want to unlock great bike rides for everyone by building the best navigation technology possible. 

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 micro mobility scooter).

In June this year, Beeline launched the Velo 2. A complete refresh of Beeline’s original Velo device, the Beeline Velo 2 offers a brand new navigation interface, a larger display screen and an enhanced app-based route planner, helping to create safe, simple and more enjoyable rides. The launch of the Velo 2 also coincided with the company reaching a significant milestone, of 50,000,000 km travelled using Beeline technology,

Supported by Beeline’s second successful Kickstarter campaign, the Velo 2 had over 5,000 backers, who pledged more than $470,000, and retails at £79.99. As a growing number of people opt for pedal power for both leisure and transport, it’s no surprise that the demand for safer and more enjoyable routes is also on the rise. 

In order to provide the best possible routes for their users, Beeline gathers several types of data from their community of riders, as well as bringing together the most relevant external information from the open mapping community (OpenStreetMap). 

You can view more information on the Seedrs campaign HERE. 

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”.

For more information on Beeline, visit www.beeline.co

–ENDS–

NOTES TO EDITORS

For more information or interview opportunities, please contact: 

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High-res images can be found HERE

ABOUT BEELINE

Founded in April 2015 by Mark Jenner and Tom Putnam, London-based Beeline aims to help cyclists and motorcyclists have better journeys through intuitive navigation technology. The team is now over 20 strong with all product development and design done in-house. Beeline’s philosophy is to give the simplest information required for navigation while on the move. They believe this results in fun, stress-free, safe journeys during which riders can focus on the road ahead rather than being distracted by technology. 

Beeline has 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 the recipient of grants from the European Space Agency and Innovate UK.