Luup, Japan’s No.1 E-Scooter Sharing Operator, Raises New Funding of 3.6 Billion Yen

Luup, Inc. (Head office: Chiyoda-ku, Tokyo; President and CEO: Daiki Okai; hereinafter “Luup”), which operates “LUUP”, a sharing service of “electric micromobility” including e-scooters and e-bikes, has raised a total of approximately 3.6 billion yen through debt and asset financing. Of the total funding, 2.5 billion yen was raised through a syndicated loan arranged by Sumitomo Mitsui Banking. This brings the total funding to approximately 12.7 billion yen. Luup will use the funds raised to further accelerate business expansion to meet increasing demand by building new stations, increasing the number of vehicles, and strengthening safety measures through initiatives such as promoting traffic rules.

Luup aims to build a new transportation infrastructure through the sharing service of electric, compact, and single-passenger micromobility vehicles with the mission to “create an infrastructure that makes the entire city ‘a station front.’” At Luup, we have been advancing our business through a series of discussions and dialogues with local governments, relevant ministries and agencies, users, and everyone in the community. As a company responsible for the transportation infrastructure based on micromobility, Luup will continue to expand the number of vehicles, stations, and service areas, and will also focus on educating the public about traffic rules and safety measures to make the service even safer and easier for everyone to use.

Participating financial institutions (Titles omitted)

・Sumitomo Mitsui Banking Corporation
・Sumitomo Mitsui Trust Bank
・Japan Finance Corporation
・The Shoko Chukin Bank
・Resona Bank
・Bank of Kyoto
・RICOH LEASING COMPANY
・Sumitomo Mitsui Finance and Leasing Company
・Credit Saison
・Sumitomo Mitsui Trust Panasonic Finance
・JA MITSUI LEASING
・NEC Capital Solutions

Comment from Daiki Okai, CEO of Luup

With the mission to “create an infrastructure that makes the entire city ‘a station front,’” we offer the sharing service of electric, compact, and single-passenger micromobility called “LUUP” in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, Kobe, Nagoya, and Hiroshima.

Since the launch of the e-bike sharing service in May 2020 and the e-scooter sharing service in April 2021, the number of stations and service areas have been steadily expanding. As an example, LUUP has more stations than the number of convenience stores in the Shibuya and Meguro wards of Tokyo, making LUUP the service with the highest “station density” compared to other competitors. However, we believe that we are still only a few percent of the way toward achieving our mission.

In July of this year, e-scooters and other mobility vehicles were placed under the new category of “Specified Small Motorized Bicycles” and traffic rules were established accordingly. This allowed LUUP to finally move from the phase of demonstration experiments for the establishment of rules to the phase of full-scale business expansion. We will fulfill our responsibilities as a leading company in the industry and work to improve safety by educating the public about traffic rules, while at the same time further expanding our business.

We believe that LUUP is an extremely complex service to operate and develop, requiring the integration of hardware and software. Furthermore, there is also the aspect of communicating with the people associated with the city, such as real estates and local governments, and working together on community development. As a new mobility service, it is necessary to go through various trials and errors and to coordinate with related ministries and agencies. We are looking for people who can support us in these efforts and work together with us to realize our mission to “create an infrastructure that makes the entire city ‘a station front.’”

The entire Luup team will continue to make every effort to realize our mission, and we appreciate your support.

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About Luup, Inc.
Luup, Inc. will create a new short-distance mobility infrastructure that makes the entire city “a station front” through the sharing service of electric, compact, and single-passenger micromobility. We currently provide a sharing service of e-scooters and e-bikes in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, Kobe, Nagoya, and Hiroshima. We will reduce CO2 emissions by popularizing electric micromobility and introduce new electric mobility that can be ridden by the elderly, and ultimately create a sustainable society where all people can get around safely and conveniently.
– Location: AKIHABARA CENTRAL SQUARE 4F, 3-21-24 Kanda-Sakumachō, Chiyoda-ku, Tokyo 101-0025
– Representative: Daiki Okai
– Founded: July 2018
– URL: https://luup.sc/en/
– App Download URL: https://ride-your-city.luup.sc/Myjb/cfcdb04a
Note: The LUUP app is available for devices running iOS 15 or later, iPhone 6S or later, and Android OS 9.0 or later.

Press Contact
● Luup, Inc.
– Public Relations: Misato Matsumoto, Megumi Muramoto
– E-mail: pr@luup.co.jp
– If you are press, please contact us by selecting “Press” from the contact form at the bottom of our corporate website (https://luup.sc/en/)
– For inquiry about the service: +81-80-0080-4333