British routing and navigation start-up Beeline has raised more than £1m in a crowdfunding campaign, exceeding its £800,000 target.
Following the release of its Velo 2 GPS cycling computer, the funding round will enable Beeline to accelerate the development of its navigation technology and expand into new markets.
With the support of the European Space Agency, Beeline built its own routing system to supply the route suggestions to its apps. This includes a patented methodology where the user’s road ratings are gathered and incorporated into the route suggestions.
“Our mission is to improve cycling and motorcycling for people across the world through our routing technology and devices,” Beeline’s Co-Founder Mark Jenner told Zag Daily.
“We are constantly researching how we can deliver that positive riding experience for more people. Securing 126% of our target in our recent Seedrs Campaign will enable us to do more of that, expanding our team and investing in research and development.”
More than 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 (LCIF), Earlymarket and equity crowdfunding community, Seedrs.
This June, Beeline launched the Velo 2. This features a new navigation interface, larger display screen and enhanced app-based route planner to give new and experienced riders confidence in following a safe route.