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Valet Self-Storage Startup Beam Launches in Malaysia, Singapore

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Beam Storage Pte. Ltd., a startup business specializing in valet self-storage, has launched in Malaysia and Singapore. The company uses an online platform that allows customers to schedule item pickup, maintain a visual catalog of stored belongings, and schedule delivery of items to their home or business.

Similar to other valet-style storage operators, Beam offers by-the-bin storage targeted at customers who don’t have adequate storage in their home or business. Items are stored in secure warehouses leased by Beam, according to the source. Monthly pricing is S$4 per small box and S$8 per large box. Customers can use their own boxes as long as they meet Beam’s size requirements or purchase boxes through the company, according to its website. Beam will also store oversized items, such as bikes or golf clubs, for S$12 per item per month. The company may refuse to store an item if heavier than 25 kilograms or one person is unable to carry it.

Customers can use the company’s mobile app to manage their belongings. Pickup of items is free, while return deliveries are S$16 regardless of the number of items requested, according to the website. Returns must be scheduled 48 hours in advance. Customer aren’t allowed to visit the storage warehouse.

Since launching last October, Beam has catered to business customers including e-commerce companies, which have taken advantage of flexible space requirements as inventory sells, according to the source. Other commercial customers include accounting and law firms, and event companies.

Beam has a special pricing model for corporate clients, including a flat pickup and delivery fee of S$35. Deliveries for business customers are made within a four-hour window during working hours. Returns marked as urgent outside of normal operating hours are subject to a S$100 fee, according to the website.

Beam currently leases one warehouse in Malaysia and one in Singapore, though it expects to triple its storage space in Singapore in the next six months, the source reported.

CEO Anna Chew believes the company’s leased-warehouse model is beneficial to Beam and its third-party vendors. "It benefits the landlords because they don't have to leave that space empty; it benefits me because I don't have to be locked into a long-term contract at a certain rate," Chew told the source. She intends to enhance Beam’s relationship with its warehousing partners with either “pay-as-you-expand” or profit-sharing models.

As it becomes established, Beam intends to expand service to other Asia-Pacific countries, according to the website. The company is also considering adding a virtual-marketplace to its mobile app through which it could sell unclaimed belongings left by delinquent customers, the source reported.

Beam launched with seed money from venture-capital and individual investors. The company is trying to raise up to S$400,000 in a second round of fundraising on the crowdfunding platform FundedHere, according to the source.

Sources:

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