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Shared e-Bike and scooter firm Luup raises $7.9 million

Luup provides an e-scooter and e-bike fleet that customers can borrow for short-distance trips through the company’s mobile application.

Shared e-Bike and scooter firm Luup raises $7.9 million

In a debt and asset financing round, Luup, a Japanese company that develops electronic micro mobility channels of communication, raised 1 billion yen ($7.97 million) in funding. The acquisition was made possible by the contributions of MUFG Bank, Japan Finance Corporation, and The Shoko Chukin Bank. Additional sale-leaseback transactions were completed with organizations such as Sumitomo Mitsui Finance & Leasing, Mitsubishi HC Capital, and others.

Luup provides an e-scooter and e-bike fleet that customers can borrow for short-distance trips through the company’s mobile application. It is now working on expanding its supported sites in high-density areas such as Tokyo, Osaka, Kyoto, and Yokohama, among other cities. It was founded in 2018 by Daiki Okai, Naomichi Okada, and Ryotaro Makita with the purpose of lowering carbon dioxide emissions while also making transportation more accessible to the elderly and physically disabled people.

In the same week that the deal was reached, the Japanese parliament debated a bill that would amend the country’s traffic laws and increase the maximum speed of some e-scooters to 20 kilometers per hour. Riders who are at least 16 years old will no longer be required to have a driver’s license, and the maximum speed of the e-maximum scooter will be limited to 20 kilometers per hour or less – almost the same as that of a bicycle. According to projections, the Japanese micro-mobility market is expected to be worth $11.6 million by 2030.

When converting from Japanese yen to US dollar, one dollar equals 125.35 yen.

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