Swing, a South Korean electric scooter and micromobility startup has raised $24 million in Series B funding to help finance its expansion to Japan.
Founder and CEO San Kim told said that the startup will use the new funding to expand its fleet of vehicles. The company plans to deploy 100,000 e-scooters, e-bikes, and e-mopeds this year – up from its current fleet of 35,000 e-scooters and e-mopeds.
Swing’s vehicles have swappable interchangeable batteries – an increasingly common solution for Asian companies – and the company also plans to install 200 charging stations for its own use.
“Last year, the Japanese government opened the door to legally start e-scooter sharing through proof of concept. As a Seoul-based startup, Swing can lead the micromobility adoption in Japan through our operational excellence and accumulated data in a very similar environment,” Kim told TechCrunch.
Swing is aiming to have its Japanese service up and running in the first half of this year. The Japanese market, according to Kim, is ideal for e-scooters. High smartphone penetration and the distance between stations mean that Japanese city-dwellers are keen to use micromobility solutions for getting around.
“We are at an exciting point of time with e-scooters in the Japanese market, where the government is conducting proof-of-concept projects to fine-tune its guidelines and regulations ahead of a proper launch,” said Shun Nagao, venture partner at White Star Capital – the company which led the funding.
“This exciting partnership between White Star Capital and Swing will be extremely beneficial for Japanese stakeholders who would have access to Swing’s technological capabilities as well as operational knowledge they have built over the years in Korea. Last-mile logistics remains a challenge in Japan, and we look forward to helping Swing address these issues and to bring a better mobility experience for users, riders, businesses and the public sector counterpart.”
His colleague, Eddie Lee, concurred:
“Mobility has been a big focus for us as we’ve been fortunate to partner with leading companies such as Tier Mobility and Finn Auto in Europe. Robust guidelines and regulations developed in close partnership with leading companies set the stage for Europe to embrace tech-native mobility and its positive environmental impact.
“We see South Korea and Japan closely following this trend and anticipate micromobility to reach a critical inflection point in the next few years. White Star Capital will be working very closely with San and his team to support Swing’s ambitious vision to become a global company through entering Japan and growing its logistics capabilities with the new Dayrider business.”
Swing’s Dayrider app allows delivery riders to rent e-mopeds or e-scooters for one to two days without the hassle of charging. Swing has more than 100 employees in South Korea and four people in Japan.
Keyword: South Korean Micromobility Startup Swing Raises $24 Million