Luup, Japan’s No.1 E-Scooter Sharing Operator, Raises New Funding of 3.6 Billion Yen
Raised total of 12.7 billion yen to date; to expand business to meet the increasing demand
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.
・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.
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
The Future of Luup Following the Enforcement of the Revised Road Traffic
Developed foldable helmets with original design
The revised Road Traffic Law that newly defines vehicle categories for e-scooters and other electric small mobility vehicles, which the Diet passed on Tuesday, April 19, 2022, went into effect today, Saturday, July 1, 2023. Luup, Inc. (Head office: Chiyoda-ku, Tokyo; President and CEO: Daiki Okai; hereinafter “Luup”) will further focus on raising awareness of the new traffic rules so that new mobility vehicles can be used safely and appropriately. Furthermore, in response to the April 2023 regulation that requires bicyclists to wear helmets, which will also apply to “Specified Small Motorized Bicycles,” a new category for e-scooters, we have developed a helmet with an original design. We will consider utilizing, distributing, and selling the helmets at future safety workshops.
Luup’s History to Date and How the Rules Have Been Changed
Luup offers “LUUP,” a sharing service for electric micromobility vehicles such as e-scooters and e-bikes, with the mission to “create an infrastructure that turns the entire city into a ‘station front.'” The service is used as a means of daily transportation for various situations, including commuting to work or school, shopping, outings, and sightseeing.
Installing stations, the hub of LUUP mobility, will lead to the utilization of vacant space in office buildings, condominiums, facilities, etc., and serve as the start and finish of mobility. Installing stations throughout the city will make it easier to get to places a bit far away on foot, allowing people to lead a more convenient and affluent life as if they were in a “station front.” Furthermore, properties and areas that have been considered far from the station will have new characteristics as a station, which will revitalize and increase the value of the entire city.
High station density provides value to the city
E-scooters and other small electric mobility vehicles were new to the world, and as they became increasingly popular, countries searched for rules to ensure safe and convenient driving. In Japan, the riding rules for e-bikes had been applied to e-scooters, but there were no rules yet for the new group of small electric mobility vehicles that had appeared on the market. In addition, because vehicles that do not meet safety standards can be easily purchased at electronics retailers and e-commerce sites, there has been no end to the number of violations by e-scooters, which are not allowed on public roads.
To have the government establish appropriate rules, Luup has conducted demonstration experiments of e-scooters on more than 30 private and public lands across Japan since 2019 and has listened to people’s opinions in the city. After conducting demonstration experiments on university campuses in 2019 and on public roads as e-bikes in 2020, we participated in demonstration experiments for the relevant ministries and agencies to develop rules in April 2021 and began offering an e-scooter sharing service.
First Major Revision in 30 Years to Change Mobility in Japan
On Saturday, July 1st, the revised Road Traffic Law, which establishes new vehicle classifications for e-scooters and other compact electric mobility devices, went into effect. We see this revision of the Road Traffic Law as the first major change to the law since the new form of mobility known as e-bikes was approved 30 years ago. In addition to the requirement that those over 16 years of age do not need a license, the maximum speed will be changed to 20 km/h, a speed similar to that of bicycles.
The establishment of the first traffic rules specifically for e-scooters and other compact electric mobility vehicles is a step forward for Japan toward the safe diffusion of new mobility. In the future, Luup will focus on raising awareness of the new traffic rules in cooperation with industry associations, local governments, and the police, and will also accelerate its efforts to introduce universal mobility vehicles with three or four wheels that can be ridden by all people, including the elderly.
For more information on specific vehicles and changes in the service and future initiatives, please see the press release “LUUP to Launch E-Scooter Sharing Service on July 1st in Compliance with New Traffic Rules”: https://luup.sc/news/2023-06-29-new- kickboard-start/ Also, please see this special website for the main changes to the traffic rules:https://lp.luup.sc/pr/2023-new-traffic-rule
About LUUP’s Originally Designed Helmets
Wearing a helmet when riding a bicycle or an e-scooter is said to protect the head and reduce damage in the event of a traffic accident. In consultation with the relevant ministries and agencies, we have provided a link to a helmet purchase page (external website) within the app. Although we have tested helmet rental in designated areas, the usage rate was low, and there were many concerns about the hygiene of sharing a helmet and the possibility of it being stolen. It has been a challenge to provide helmets for sharing services.
Therefore, we decided to produce a foldable, originally designed helmet that can be stored and carried in a bag. Through helmets with a sophisticated and simple design and can be worn with any attire, we will try to appeal to people to move from feeling that they “have to” wear a helmet for safety to actively “wanting to” wear one.
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 “LUUP,” a sharing service of “electric micromobility,” in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, Kobe, and Nagoya. 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
Press Contact ● Luup, Inc. Public Relations: Misato Matsumoto, Megumi Muramoto E-mail: pr@luup.co.jp For press inquiries: Please contact us by using the contact form at the bottom of our corporate website (https://luup.sc/) and selecting “For the Press and Media”. For service inquiries: 080-0080-4333
LUUP to Launch E-Scooter Sharing on July 1st in Compliance with New Traffic Rules
Passing the traffic rule test and submitting age verification documents will be mandatory. Maximum speed set to 20 km/h. Driver license is not required although users must be at least 16 years of age.
E-scooters will be classified under the new category of “Specified Small Motorized Bicycles” when the revised Road Traffic Law comes into effect on Saturday, July 1st, 2023, and traffic rules will be new. Luup, Inc. (Head office: Chiyoda-ku, Tokyo; President and CEO: Daiki Okai; hereinafter “Luup”) will make necessary adjustments to the sharing service “LUUP” so that it complies with the rules from the effective date.
Background
E-scooters are a new mobility that began to spread worldwide in 2017. Because they are electric and compact, they have attracted attention for their ability to significantly reduce CO2 emissions associated with transportation compared to conventional vehicles, and their widespread use has also accelerated as a means of transportation to avoid density under the influence of the spread of the new coronavirus infection. On the other hand, since it is a new type of mobility, countries worldwide are searching for appropriate driving rules, and regulations are being established to suit the environment of each country.
In October 2019, the significance of conducting demonstration experiments for the development of rules was recognized by the relevant ministries and agencies, and we received approval under the “Regulatory Sandbox System” to conduct demonstration tests using a university campus as a pseudo-public road for three months. The demonstration experiment was conducted on a simulated public road on the university’s campus for three months. In April 2021, we were able to begin offering the sharing service, albeit as a demonstration experiment. With reference to some of the data from these step-by-step demonstrations, the government has developed rules for safer driving, which will come into effect on Saturday July 1st.
We believe that this revision of the Road Traffic Law is the first major change to the Road Traffic Law since a new form of mobility, the e-bike, was approved 30 years ago. We believe that this is the first time traffic rules have been established specifically for e-scooters and other electric compact mobility vehicles, and that this is a step forward for Japan toward the safe diffusion of this new form of mobility.
Awareness Raising of New Traffic Rules and Safety Measures
Luup has taken various safety measures, both inside and outside the app, to ensure that sharing services are used correctly. We will continue and strengthen our various efforts to ensure that as many people as possible can use the service safely and in accordance with the new traffic rules. The following is an introduction of the main awareness-building activities and safety measures that will accompany the enforcement of the new traffic rules.
⚫️ Safety workshops held in each area on the enforcement dates of the revised traffic rules Efforts to hold safety workshops and educational events that provide face-to-face education on traffic rules and how to ride will continue. First, we plan to have these events in the following three cities. Saturday, July 1st to Tuesday, July 4th, at MIYASHITA PARK, Tokyo Saturday, July 1st, at Naka-Ikebukuro Park, Tokyo Saturday, July 1st, at multiple ports in the Marunouchi area, Tokyo (port guided tours only, no test rides) Saturday, July 1st, at Osaka Central Public Hall Sunday, July 2nd, at Meriken Park, Kobe
⚫️ Advertisements in major train stations and newspapers in Tokyo and Osaka It is essential to let the non-LUUP users know about the revision of the Road Traffic Law. We will place advertisements at major train stations in Tokyo and Osaka and in newspapers to inform society about the new traffic rules.
⚫️ Renewal of the “E-Scooter User Guidebook” The guidebook for the safe and secure use of e-scooters, jointly produced by Luup and Tokio Marine Holdings, Inc. in 2022, will be renewed when the revised law comes into effect. The guidebook has been updated to include basic traffic rules and critical points for riding electrically power-assisted bicycles, and more than ten pages of content have been added to the existing guidebook. The guidebook will be distributed at safety seminars after the enforcement date and will also be made available on the web at a later date.
⚫️ New stricter penalty system for violations Until now, accounts of users found to have committed serious violations, such as driving under the influence of alcohol, have been suspended. For example, even for violations that are considered unintentional, such as leaving a vehicle unattended or disregarding a traffic light, are repeated, the account will be suspended and other severe measures will be taken.
About the New E-Scooters
As of July 1st, e-scooters that meet specific criteria will be classified as “Specified Small Motorized Bicycles” (hereinafter “specified small e-bikes”). The main differences from conventional e-scooters are as follows.
⚫️ Equipped with a maximum speed indicator light
The “maximum speed indicator light” will be installed as a new safety component. The light will be always on when in the 20 km/h mode and it will blink when in the 6 km/h mode as a special exception specified small motorized bicycle (hereinafter “special exception specified small e-bikes”) to indicate the vehicle’s status to those around the vehicle. The 6km/h mode is optional.
The Ministry of Land, Infrastructure, Transport, and Tourism has set a grace period for installing the maximum speed indicator lights, and all vehicles must be equipped with the lights by December 2024. During the grace period, if a vehicle does not have a maximum speed indicator light, it may be ridden as a specified small e-bike if it has been certified under the Performance Verification System as meeting other safety standards and bears a certification sticker or if it bears a new license plate for specified small e-bikes.
⚫️ “6km/h mode” button
New LUUP e-scooters to be deployed in the city after July 1st will be equipped with a 6km/h mode button. When using a vehicle with this button, riders will be allowed to pass at 6km/h on sidewalks where there are signs indicating that bicycles are allowed to pass. However, Luup still considers the roadway and regular bicycle lanes as the main places for riders to ride. Under unavoidable circumstances, such as when there are too many parked vehicles on the roadway to ride on the left side of the road, we recommend riders avoid danger by entering the sidewalk where there are signs that allow riding. The driving mode can only be changed when the vehicle is completely stopped. Please change the mode after confirming safety at the edge of the road.
The replacement of vehicles will be made gradually. For the time being, there will be vehicles that have been offered so far (specified small e-bikes not equipped with 6km/h mode) and vehicles that meet the safety standards for special exception specified small e-bikes (specified small e-bikes equipped with 6km/h mode).
⚫️ Equipped with new smaller license plates
The size of the license plate will be changed to fit the width of the e-scooter. Vehicles already offered within the sharing service will still be allowed to run as specified small e-bikes with the existing number plate for motorized bicycles.
Image of the new size license plate
Changes to Service
The following are the major changes to LUUP’s e-scooter service effective July 1st. There will be no change in the usage process, fees, insurance coverage, etc.
⚫️ Preparation for use (1) Answer all questions on new traffic rules correctly to pass
The test for new traffic rules was created for easy and accurate understanding using plain language and illustrations for explanation. In addition, educational content is also available within the app to learn the new traffic rules and check your knowledge before taking the test. This test can be taken in advance within the LUUP app from May 16th.
⚫️ Preparation for use (2) Submission of age verification documents
LUUP began accepting age verification documents on June 8th. By submitting age verification documents and completing pre-registration for e-scooter use in advance, users can use LUUP e-scooters smoothly after the enforcement of the revised Road Traffic Law.
Acceptable age verification documents: Individual Number Card (My Number Card) Driver’s license Residence card Passport (overseas passports are also acceptable)
After the enforcement of the revised Road Traffic Law, foreign residents and tourists who do not own a Japanese driver’s license will be able to ride e-scooters. To provide a convenient means of transportation for foreign residents and tourists, the LUUP app has been available in English since June 19th. Traffic rule tests and learning contents are also available in English.
LUUP is a sharing service that allows users to rent e-bikes or e-scooters through a smartphone app and move from stations to stations throughout the city. The service started in May 2020 with only about 50 stations in the Shibuya area, offering only e-bikes, and now also provides e-scooters at more than 3,500 stations in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, Kobe, and Nagoya. The LUUP makes short trips of 10 to 30 minutes on foot more comfortable and contributes to the city’s revitalization by making the whole city feel like a station.
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 “LUUP,” a sharing service of “electric micromobility,” in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, Kobe, and Nagoya. 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
Press Contact ● Luup, Inc. Public Relations: Misato Matsumoto, Megumi Muramoto E-mail: pr@luup.co.jp For press inquiries: Please contact us by using the contact form at the bottom of our corporate website (https://luup.sc/) and selecting “For the Press and Media”. For service inquiries: 080-0080-4333
Road Traffic Law revision anticipates increase of use by foreign residents and visitors
Luup, Inc. (Head office: Chiyoda-ku, Tokyo; President and CEO: Daiki Okai; hereinafter “Luup”) is pleased to announce that the LUUP app, an electric micromobility sharing service, is now available in English.
Background
LUUP is a sharing service that allows users to rent e-bikes or e-scooters through a smartphone app and move from station to station throughout the city. Currently, the service also offers e-scooters and is available at more than 3,245 stations in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, Kobe, and Nagoya.
With the enforcement of the revised Road Traffic Law scheduled for Saturday, July 1st, 2023, foreign residents and tourists who don’t own a Japanese driver’s license will be allowed to ride e-scooters, and service use is expected to increase. With the start of LUUP’s English support, we aim to break the language barriers and ensure that a diverse range of users are able to access the service.
Luup will continue to reflect user feedback for service improvement and develop its service for safer and more convenient usage in the future.
How to Change Language Settings
The language will automatically change to English when the language setting of the app or browser is set to English on your mobile settings.
*Station names and addresses will remain in Japanese, and English support is on its way.
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 “LUUP,” a sharing service of “electric micromobility,” in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, Kobe, and Nagoya. 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
Press Contact ● Luup, Inc. Public Relations: Misato Matsumoto, Megumi Muramoto E-mail: pr@luup.co.jp For press inquiries: Please contact us by using the contact form at the bottom of our corporate website (https://luup.sc/) and selecting “For the Press and Media”. For service inquiries: 080-0080-4333
Raised total of 9.1 billion yen to date; to expand business while strengthening safety measures in preparation for the enforcement of the revised Road Traffic Act
Luup, Inc. (Head office: Chiyoda-ku, Tokyo; President and CEO: Daiki Okai; hereinafter “Luup”) has raised a total of approximately 4.5 billion yen, of which approximately 3.8 billion yen through equity issuance and approximately 0.7 billion yen through debt and asset financing. The new funding brings Luup’s total capital raised to date to approximately 9.1 billion yen. Luup will use the funds raised to further expand its business by increasing the number of stations and improving its vehicles and apps, while focusing more on strengthening safety measures and raising awareness of new traffic rules in preparation for the enforcement of the revised Road Traffic Act on July 1, 2023.
As in the previous round, Spiral Capital is the lead investor in equity issuance, and additional investments were made by existing investors such as ANRI, SMBC Venture Capital, and Mori Trust, in addition to new investors including one of the largest pension funds in Japan, 31VENTURES, a corporate venture capital of Mitsui Fudosan, and Mitsubishi UFJ Trust and Banking Corporation. In addition, we have initiated transactions with several new financial institutions in debt and asset financing.
Investors participating in the equity issuance
Existing Investors ・ANRI ・SMBC Venture Capital ・Spiral Capital ・ZENRIN FUTURE PARTNERS ・Chiba Dojo Fund ・Mitsubishi UFJ Capital ・Mori Trust
New Investors ・31VENTURES Global Innovation Fund 2 ・GMO Internet Group ・i-nest capital ・SMBC Nikko Securities ・Green Coinvest ・Chishima Real Estate ・Mitsubishi UFJ Trust and Banking Corporation ・One other company
Comment from the Investors
・Takashi Chiba, Partner, Spiral Capital
Following the previous round, we made an additional investment in this round as the lead investor. The reason for this is that Luup is a rare company that is truly trying to create a “social infrastructure”. It is no mean feat to build a service that can be called a transportation infrastructure, as it requires cooperation of numerous stakeholders, including users, landowners, local governments, relevant ministries, investors, and public opinion. Since the launch of the e-scooter business in April 2021, Luup, under the strong leadership of Mr. Okai and his management team, has developed stations at an overwhelming speed, promoted the creation of a safe and secure system in cooperation with relevant ministries. The products have become popular among users and are used daily, leading to the company’s dominant position in the field of micromobility. With the implementation of the revised Road Traffic Law, which is expected to further improve convenience, scheduled for July 1 of this year, we expect that the product will continue to evolve as a transportation infrastructure that enriches people’s daily lives.
・Shunsuke Nakaji, Principal, ANRI
We have had the opportunity to watch the Luup team for a long time as they have implemented what they initially envisioned year after year, and we have high expectations for their ability to continue to execute, which is why we made this additional investment. We are honored to have had the opportunity to make additional investments in all of the rounds of funding, starting from the pre-seed discussion of the idea stage, through the first round of funding, and up to the current round. We still have a long way to go in creating an infrastructure that makes the entire city ‘a station front,’ but I have high expectations for Luup.
・31VENTURES Atsumi Kanaya, Executive Officer and General Manager of Venture Co-creation Department, Mitsui Fudosan / Yuki Matsuo, Director, Global Brain
We are working with Luup to provide sharing services of mobility exclusively for condominium residents, aiming not only to improve user satisfaction by making daily transportation more convenient, but also to increase the value of real estate itself. We have also invested in the company because we share the desire to not only provide a new means of transportation, but also to create a new type of urban development through micromobility. As a partner in creating attractive cities, we will continue to support Luup in its mission to “create an infrastructure that makes the entire city ‘a station front.’”
Comment from Daiki Okai, CEO of Luup
With the mission to “create an infrastructure that makes the entire city ‘a station front,’” Luup provides a sharing service for electric, compact, and single-passenger micromobility “LUUP” in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, and Kobe. The number of stations has already exceeded 3,000 in the two years since the introduction of e-scooters, and we plan to expand our service area into multiple urban cities. Just as railroad companies once developed cities along their lines, we aim to contribute to the value of the surrounding properties by creating LUUP stations on properties far from the train station. We are very pleased that we were able to raise this capital despite the unstable market conditions, and we believe that this is a result of the recognition of LUUP’s value as a sustainable transportation infrastructure, which is necessary for the future.
After the implementation of the revised Road Traffic Law scheduled for July 1 of this year, the number of micromobility users is expected to further increase. We are currently receiving inquiries from many property owners, municipalities, and companies. To expand our business, we believe it is important to fulfill our responsibility as a leading company in the industry and work to improve safety and educate people about the correct rules.
Although there are now more than 60 members in Luup, a small number of professionals in the company cooperate with each other to develop and operate the business in each function, such as software development, hardware development, product development, local collaboration, station expansion, operation construction, and corporate development. We will continue to maintain our small number of highly skilled members and aim to be an organization that creates new transportation infrastructure in the future.
We are looking forward to hearing from those who want to build LUUP with us, so that 50 years from now, when people look back on the past, they will say, “LUUP is what made this city what it is”.
The entire Luup team will continue to work with our full effort to realize our mission to “create an infrastructure that makes the entire city ‘a station front’”, and we look forward to your continued support.
Map of stations in each area
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 high-density sharing service of e-scooters and e-bikes in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, and Kobe. 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/
Press Contact ● Luup, Inc. Public Relations: Misato Matsumoto, Megumi Muramoto E-mail: pr@luup.co.jp
Starts full-scale collaboration, including port installations at stores and joint marketing effort
FamilyMart Co.,Ltd. (Head office: Minato-ku, Tokyo; President: Kensuke Hosomi; hereinafter “FamilyMart”) and Luup, Inc. (Head office: Shibuya-ku, Tokyo; President and CEO: Daiki Okai; hereinafter “Luup”) agreed on a strategic partnership, and FamilyMart made a strategic investment in Luup. Through this partnership, the two companies will begin full-scale collaboration, including the installation of LUUP ports at FamilyMart stores and joint marketing effort.
FamilyMart operates approximately 16,600 stores nationwide (*1) and aims to be an indispensable place that goes beyond convenience while staying close to the community and connecting with each and every customer like family. Currently, FamilyMart is working to build stores that can focus on more heart-to-heart communication with customers by proactively utilizing new technologies, such as unattended payment systems, beverage refilling robots, and digital signage to provide an unprecedented store experience for customers who visit the stores.
Luup is developing “LUUP,” a sharing service for electric, compact, and single-passenger micromobility, with the mission to “create an infrastructure that turns the entire city into a ‘station front.’” In particular, as an e-scooter sharing service provider, Luup holds more than 90% of the domestic market share (*2). In the future, Luup aims to handle not only e-scooters and e-bikes but also a wide range of other mobilities to create a future in which all people can move freely.
FamilyMart will use this alliance as an opportunity to support Luup’s future growth so that users can use its service safely and securely. The two companies will fully cooperate in accelerating the installation of LUUP ports in FamilyMart stores, improving safety utilizing FamilyMart’s store assets, cross-selling between FamilyMart and LUUP, and other activities.
*1 As of April 2022 *2 Based on the total distance traveled under the New Business Exception System for businesses that are members of the Micromobility Promotion Council from 2021 The Third Meeting of Working Group on Vehicle Safety Measures (March 14, 2022) Summary of the E-Scooter Demonstration Experiment Results and Safety Measures https://www.mlit.go.jp/common/001469846.pdf
Major Initiatives
1. Installation of LUUP ports at FamilyMart stores FamilyMart and Luup began working together in October 2020, and several FamilyMart stores in Tokyo have already installed LUUP ports. By expanding the number of stores with LUUP ports installed, we will contribute to improving convenience for FamilyMart store users, and also, work together to popularize the LUUP service through the expansion of the port network. In addition to the areas LUUP is currently available in; Tokyo, Osaka, Kyoto, and Yokohama, we plan to install LUUP ports at stores in regional cities as the LUUP service area expands. Both companies will also work together to improve the safety of LUUP’s services through in-store educational activities and announcements.
Image of a port in front of the store
2. Cross-selling through collaborative marketing initiatives We will implement joint marketing initiatives to promote the use of LUUP by FamilyMart store users and the use of FamilyMart stores by LUUP users, respectively. Specifically, the two companies will consider advertising LUUP in FamilyMart stores, including the use of digital signage, and implementing promotional initiatives for FamilyMart products to LUUP users.
3. Joint consideration of new services We will develop new services by utilizing the customer and mobility data owned by FamilyMart and Luup respectively, as well as the store and port networks. Through these efforts, we aim to grow the business of both FamilyMart and Luup and contribute to local communities.
Sample image of a retail signage displays
About FamilyMart Co.,Ltd. Location: 3-1-21 Shibaura, Minato-ku,Tokyo 108-0023 Representative: Kensuke Hosomi Founded: September 1st, 1981 URL: https://www.family.co.jp/
About Luup, Inc. Location: 16F Link Square Shinjuku, 5-27-5 Sendagaya, Shibuya-ku, Tokyo 151-0051 Representative: Daiki Okai Founded: July 2018 URL: https://luup.sc/
Press Contact ● Luup, Inc. Public Relations: Misato Matsumoto, Megumi Muramoto E-mail: pr@luup.co.jp
Luup, Japan’s No.1 E-Scooter Sharing Operator, Raises 1 Billion Yen Through Debt and Asset Financing
The first e-scooter sharing operator in Japan to achieve asset financing; Bringing total funding to approximately 4.6 billion yen
Luup, Inc. (Head office: Shibuya-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 1 billion yen through debt and asset financing. This is the first time in Japan (*1) that an e-scooter sharing service operator has raised funds through asset financing. This financing brings Luup’s total funding to approximately 4.6 billion yen.
The financing is done through sale-and-leaseback transactions (*2) of e-scooters with several financial institutions, including Sumitomo Mitsui Finance and Leasing, Mitsubishi HC Capital, and others, and through receiving loans from MUFG Bank, Japan Finance Corporation, and The Shoko Chukin Bank, the latter two being Japanese government-backed financial institutions. This financing was provided for all e-scooters to be introduced by May, and discussions are underway with each financial institution to expand transactions for vehicles to be introduced in the future.
The financial institutions acknowledged Luup’s stability as a business and its contribution to decarbonization and sustainability. Luup will continue to expand its business by utilizing debt and asset finance in addition to equity finance.
Luup’s Past and Outlook for the Future
Luup provides a sharing service for electric, compact, and single-passenger micromobility with the mission to “create an infrastructure that makes the entire city ‘a station front.’” The rollout began with e-bikes in May 2020, followed by the introduction of e-scooters in April 2021 as a demonstration experiment using the “System of Special Arrangements for Corporate Field Tests” under Japan’s Industrial Competitiveness Enhancement Act. Luup accounts for more than 90% share of e-scooter rides under the System of Special Arrangements for Corporate Field Tests for Micromobility Promotion Council member companies (*3).
Luup has been conducting its business through a series of discussions and dialogues with local governments, relevant ministries, agencies, and town residents, including users, with safety as its top priority. As a leading operator of electric micromobility sharing service, we will continue to expand the number of vehicles, ports, and service areas and evolve the service into an infrastructure that can be used more easily by city residents. At the same time, in the future, we will offer universal mobility vehicles with three or four wheels that can be used safely by the elderly and people with disabilities, aiming for a future in which all people can travel freely in the first and last mile.
Comment from Daiki Okai, Representative of Luup
To achieve our mission “to create an infrastructure that makes the entire city ‘a station front,’” we have been building our service “LUUP,” including both software and hardware products and an operating model to support them while carefully listening to the voices of the people of the city. We are very pleased that we were able to raise this scale of debt and asset financing, and we believe that this is a result of LUUP’s stability as a business and its value as a sustainable infrastructure.
Last month, a bill to amend the Road Traffic Act was submitted to the Diet, and after it is passed and enforced, the maximum speed for certain e-scooters will be 20 km/h and a driver’s license will not be required. Against the backdrop of these activities, Luup is now receiving a lot more requests from large corporations and municipalities than ever before to introduce our products.
From here, we will continue to expand our business to meet the increasing demand while improving safety. To achieve this, the cooperation of new members who will support us is indispensable. We are looking forward to hearing from those who are determined to change LUUP to realize our mission. https://recruit.luup.sc/
The entire Luup team will continue to make every effort to realize our mission, and we appreciate your support.
*1 Surveyed by Luup *2 In a sale-and-leaseback transaction, one party (the seller-lessee) sells an asset it owns to another party (the buyer-lessor) and simultaneously leases back all or a portion of the same asset for all, or part of, the asset’s remaining economic life. *3 2021 The Third Meeting of Working Group on Vehicle Safety Measures (March 14, 2022) Summary of the E-Scooter Demonstration Experiment Results and Safety Measures https://www.mlit.go.jp/common/001469846.pdf
【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 high-density sharing service of e-scooters and e-bikes in Tokyo, Osaka, Kyoto, and Yokohama. We will reduce CO2 emissions by popularizing electric micromobility and introduce new electric mobility that can be ridden by the elderly and people with disabilities, and ultimately create a sustainable society where all people can get around safely and conveniently.
Shibuya-ku, Tokyo 151-0051 Representative: Daiki Okai Founded: July 2018 URL: https://luup.sc/
【Press Contact】 ● Luup, Inc. Public Relations: Misato Matsumoto, Megumi Muramoto E-mail: pr@luup.co.jp
Luup Announces New Logo and New E-Scooters with Improved Visibility
Will release a series of contents for the safe social implementation of e-scooters
Luup, Inc. (Head office: Shibuya-ku, Tokyo; President and CEO: Daiki Okai; hereinafter “Luup”) has updated the logo of its electric micromobility sharing service, LUUP. In addition, new e-scooters with improved visibility will be unveiled. To celebrate this, we will be releasing content under the title of “LUUP for your City” to provide a deeper understanding of Luup’s past efforts toward safe social implementation of e-scooters and the future that we are aiming for.
Background
Luup is developing a micromobility sharing service “LUUP” with the mission to “create an infrastructure that turns the entire city into a ‘station front.’” In addition to e-bikes and e-scooters, Luup offers a comprehensive range of electric, compact, and single-seat micromobility vehicles, and is aiming for a future in which all people can move freely, including the implementation of new vehicles that can be used by the elderly in the future.
Three and a half years after its establishment, Luup has revamped its corporate and service logos and improved the visibility of its e-scooter design in order to become a more familiar presence in the city and move forward to become a next-generation infrastructure that supports daily first and last mile transportation.
The Concept of the New Logo
With LUUP, transportation becomes an easy and enjoyable experience. Free from transportation restrictions, users will be able to visit all kinds of places, and users will be able to enjoy the city like never before. The renewed logo was designed based on the concept of “expand you” based on the value that LUUP brings. Inspired by the relaxation curves used in transportation engineering, the new logo depicts a “U” with multiple curvatures to create a gentle form, expressing the physicality of people riding the LUUP and the light and free movement they can enjoy. The frame lines surrounding the logo are based on the lines of the stations where the LUUP vehicles will be placed. (Designed by kern inc.)
Update of E-Scooters
We decided to change the design because we wanted to express the value that LUUP brings not only in the logo but also in the vehicles, and deliver it to everyone in the city, and also because we thought it was necessary to improve the visibility of the e-scooters further as we aim to become a next-generation infrastructure.
The color scheme of the vehicle consists of LUUP GREEN, white, and black, the original brand colors, which are designed to blend in gently with the city as infrastructure, but also to evoke a sense of progress and luxury. In this renewal, the upper part of the aircraft is white and the lower part is LUUP GREEN, designed to impress the brand color while giving a sense of openness and freedom. To date, Luup has undergone 11 updates to improve the stability of the e-scooter and the operability of its various parts, in order to ensure safe riding. The transition to the new e-scooters will begin in Tokyo. We will consider introducing them to other areas in the future.
Image of riding the new e-scooterImage of LUUP station with new e-scooters installed
Luup Launches Demonstration Experiment Using the Quasi-Zenith Satellite System “Michibiki”
Aims to detect e-scooter locations and update safety protocols
Luup, Inc. (Head office: Shibuya-ku, Tokyo; President and CEO: Hiroki Okai; hereinafter “Luup”), which operates micromobility sharing service “LUUP”, has been selected to participate in the “Demonstration Project Using Michibiki,” operated by the Cabinet Office and Quasi-Zenith Satellite System Services Inc. The project publicly accepted applications between April 12 and May 28, 2021 and Luup applied for an “E-Scooter Location Detection Demonstration Project”. We will start a demonstration for highly accurate detection of the vehicles, using the sub-meter level augmentation service of the Quasi-Zenith Satellite System “Michibiki”.
Background of Adoption
In April 2021, Luup received approval from the Ministry of Economy, Trade and Industry for a “New Business Exception System” and has been conducting a demonstration experiment of an e-scooter sharing service. Since the launch of the service, many users have been using the service, but the GPS commonly used for e-scooter sharing services has not been able to accurately detect the precise location of the vehicles, such as the distinction between roadways and sidewalks. In order for users to use e-scooters safely and in accordance with the correct riding rules, a system that can detect precise location data is also required, and the need for validation to realize this was highly evaluated and the project was adopted as a “Demonstration Project Using Michibiki.”
Regarding Demonstration Project for Locating E-Scooters Using “Michibiki”
The Quasi-Zenith Satellite System “Michibiki” is a Japanese satellite positioning system consisting mainly of satellites in quasi-zenith orbit, and is sometimes called the “Japanese version of GPS.” Previous satellite positioning services used GPS satellites operated by the United States, but in urban and mountainous areas, the signals were sometimes blocked by buildings and trees, making it difficult to obtain stable positioning information. Therefore, Michibiki, which supplements GPS and provides highly accurate and stable satellite positioning services, began operations in November 2018. Due to its superiority, it is expected to develop a location data business that makes advanced use of geospatial information.
Image of Michibiki Source: qzss.go.jp
With the e-scooter location detection adopted by Michibiki, Luup will conduct a demonstration to realize highly accurate traveling location detection using the sub-meter level augmentation service.
Image of sub-meter level augmentation service Source: qzss.go.jp
Details and Schedule of the Demonstration
Details of the Demonstration (1) Attach the QZ1 sub-meter level positioning augmentation service-compatible receiver to e-scooters to collect and periodically analyze traveling data (2) Validate whether it is possible to detect whether a vehicle is traveling on a sidewalk or on a roadway (*1), and create guidelines for future practice
QZ1 receiver for sub-meter level positioning augmentation service
*1…Will do push walking when determining sidewalk riding. No violations will be committed in the demonstration.
Schedule – July 2021 to November 2021: Procurement of e-scooters for demonstration purposes and modification for installation receivers (*already done) – January 2022 to February 2022: Collect positioning data through traveling in the Tokyo area – March 2022 and beyond: Analyze traveling data and verify the accuracy of detecting traveling locations Luup aims to realize a society where people, vehicles, and cities can all co-exist in harmony through the development of a safe riding environment for e-scooters.
Luup Launches ”LUUP for Residential”, a Micromobility Sharing Service Exclusively for Residents
An exclusive micromobility sharing service for condominium residents to go on sale in spring 2022
Luup, Inc. (Head office: Shibuya-ku, Tokyo; President and CEO: Daiki Okai; hereinafter “Luup”) will begin introducing a residents-only model of “LUUP” to newly built condominiums. The first property to be introduced will be Park Homes Hamamatsucho (sold by Mitsui Fudosan Residential Co.,Ltd.), which is scheduled to go on sale in the spring of 2022. Through this initiative, we aim to expand the range of comfortable mobility for residents and provide services that enrich their daily lives.
Background
Luup provides a sharing service for electric, compact, and single-passenger micromobility with the mission to “create an infrastructure that makes the entire city ‘a station front.’” Currently, we provide high-density sharing services of e-scooters and e-bikes in Tokyo, Osaka, Kyoto, and Yokohama.
LUUP is characterized by the highest “LUUP station density” in its service area. Currently, the number of LUUP stations in the entire service has expanded to about 700, and they are used by people for daily transportation, such as commuting and shopping. With LUUP stations located throughout the city, people can move freely and flexibly regardless of the walking time from a train station. With a LUUP station, we believe that even properties far from the nearest train station will become far more accessible, hopefully leading to an increase in value.
By installing LUUP stations in newly constructed condominiums for sale, residents can enjoy more convenient daily transportation to and from work, school, and shopping.
What is “LUUP for Residential”
“LUUP for Residential” is a residents-only model of “LUUP” exclusively for designated condominium residents. Through the “LUUP” smartphone application, residents can ride e-scooters from LUUP stations located in the residents-only area at a discount, and move to any LUUP stations of their choice.
Service Overview E-scooter sharing service
Available LUUP Stations Exclusive LUUP stations for property residents & general LUUP stations
Service Fees Plans to offer a resident-only plan that is less expensive than LUUP’s regular rates (details to be determined)
Terms of Use – Must be a resident of the property – To use the e-scooters, users must (1) register their driver’s license and (2) pass the driving rules confirmation test with a perfect score from the LUUP smartphone application
Insurance Covers property damage, bodily injury, and your own injuries.
Notes – Non-resident users are not allowed to get in or out at LUUP stations located in the condominium. – For safety reasons, we voluntarily designate roads with significant vehicle traffic as no-go zones for riding e-scooters. Prohibited roads are indicated on the map on the app as “hand-pushing zones” and users are urged to go around them.
Overview of “Park Homes Hamamatsucho”
– Property name: Park Homes Hamamatsucho – Location: 1-20-6 Kaigan, Minato-ku, Tokyo – Access: 8-minute walk from Hamamatsucho Station on the Yamanote Line, Keihin Tohoku Line, and Tokyo Monorail; 7-minute walk from Daimon Station on the Toei Oedo Line and Asakusa Line; 2-minute walk from Takeshiba Station on the Yurikamome Line – Units: 102 – Structure and scale: Reinforced Concrete / 18 stories above ground – Floor plan: 1K~2LDK – Original developer: Mitsui Fudosan Residential Co.,Ltd. – Property management company: Mitsui Fudosan Residential Service Co., Ltd. – Scheduled completion date: Late August 2023 – Scheduled move-in date: Late November 2023 – Website: https://www.31sumai.com/mfr/X1914/
The illustration of the location of the LUUP stations at “Park Homes Hamamatsucho”The exterior of “Park Homes Hamamatsucho”
Tokio Marine and Luup Agree on Partnership to Improve Safety of E-Scooters
Aim to build a safe and secure micromobility usage environment
Tokio Marine Holdings, Inc. (Head office: Chiyoda-ku, Tokyo; President and Group CEO: Satoru Komiya; hereinafter “Tokio Marine”) and Luup, Inc. (Head office: Shibuya-ku, Tokyo; President and CEO: Daiki Okai; hereinafter “Luup”), which operates “LUUP,” a sharing service of electric micromobility including e-scooters and e-bikes, have entered into a capital and business alliance. Tokio Marine and Luup will work together to improve the safety of e-scooters.
Background and Purpose
E-scooters are a new mobility that began to spread around globally in 2017. Since e-scooters are electric and compact, they are attracting attention for their ability to significantly reduce CO2 emissions associated with transportation compared to regular cars, and also the spread of coronavirus has accelerated their use as a means of transportation to avoid crowdedness.
Since e-scooters are a new mobility for the world, each country is searching for appropriate riding rules, and regulations are being established to suit the environment of the public roads in that country. In Japan, e-scooters fall under the category of motorized bicycles, but demonstration experiments are underway to establish rules for safer riding.
In today’s increasingly complex society, Tokio Marine Group provides insurance and highly specialized risk solutions for various risks found in society. Tokio Marine Group is developing new services by conducting various data-based experiments in the areas of smart cities and Mobility as a Service (MaaS), which have been attracting attention in recent years.
Luup provides a sharing service for electric, compact, and single-passenger micromobility with the mission to “create an infrastructure that makes the entire city ‘a station front.’” Luup offers not only e-bikes and e-scooters, but also electric, compact, and single-seat micromobility services, aiming for a future in which all people can move freely. Against this backdrop, Luup has launched an e-scooter sharing service in Tokyo and Osaka as a demonstration experiment. Since its launch, the service has covered a total distance of more than 300,000km, making Luup the operator with the most e-scooters traveled by any operator in Japan.
Major Initiatives
In this capital and business alliance, Tokio Marine and Luup will start collaboration to improve the safety and social acceptance of e-scooters, with the aim of creating a safe and secure micromobility usage environment.
1.Research on new services for micromobility using driving data and more Tokio Marine and Luup will work together to study new services for micromobility. We will study services that contribute to improving the social acceptance of e-scooters and how to provide appropriate compensation, while taking into account the appropriate traffic rules considered by the Japanese government and the perspective of victim relief. In the future, we will also conduct research on new products and services utilizing the driving data.
2.Improving the safety of e-scooters While e-scooters are easy-to-use mobility vehicles, we face violations by some of our users. . Through numerous demonstration experiments, Luup has accumulated the knowledge to provide e-scooters as a safe and secure sharing service, and now, with the participation of Tokio Marine, whose mission is to provide safety and security, we aim to further enhance safety and social acceptance. Specifically, after conducting a comprehensive risk assessment of all e-scooters, including Luup’s vehicles, we will jointly study ways to improve user communication to reduce dangerous driving on LUUP and also develop safer vehicles.
Outlook for the Future
Tokio Marine and Luup will work together to promote sustainable means of transportation between the first and last mile through the safe and secure use of these micromobility vehicles.
About Tokio Marine Holdings, Inc. – Location: 2-6-4 Otemachi, Chiyoda-ku, Tokyo – Representative: Satoru Komiya – Founded: April 2002 – URL: https://www.tokiomarinehd.com/
E-Scooter Sharing Operator, Luup Raises 2 Billion Yen from Mori Trust, ESG-Focused VC, and Others
Will focus on ggrowing a product team to achieve the mission to make the entire city ‘a station front’
Luup, Inc. (Head office: Shibuya-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 completed raising a total of 2 billion yen.
In recognition of Luup’s ability to realize a sustainable society with low environmental impact through the implementation of electric micromobility, Luup has received investment from new investors including Mori Trust Co., Ltd. (Head office: Minato-ku, Tokyo; President and CEO: Miwako Date; hereinafter “Mori Trust”) and Open Network Lab ESG I Investment Limited Partnership (Head office: Shibuya-ku, Tokyo; General Partner: DG Incubation, Inc.; hereinafter “Earthshot Fund”) and also additional investment from several existing investors including VCs and business companies.
Using the funds, Luup will strengthen the development of its micromobility business to create a sustainable society and will continue discussions with several potential investors for further business expansion in the future.
Background of Financing
With the mission to “create an infrastructure that turns the entire city into a ‘station front.’” Luup provides sharing services using e-scooters and e-bikes, and in the future aims to introduce mobility that is easy and safe for the elderly and/or disabled to ride.
With this financing, Luup will further strengthen the development of its micromobility business to create a sustainable society. Luup has been driving the project in discussions with local governments and relevant ministries and agencies, with the goal of creating an infrastructure that will turn the entire city into a ‘station front.’ However, in order for new products to spread in society, we must propose and be responsible for delivering higher quality and pleasant experiences as an infrastructure than ever before. With this financing, we will establish a development structure that can make better use of the data possessed by the product and quickly test hypotheses, and promote research and development of the micromobility business that goes beyond the accelerated development of LUUP.
Details of the Financing
Logos of selected investors who invested in this round
In recognition of the fact that the implementation of electric micromobility can realize a sustainable society with a low environmental impact, Luup has attracted new investors including Mori Trust, Earthshot Fund, ZFP No. 1 Investment Limited Partnership (Location: Chiyoda-ku, Tokyo; General Partner: Zenrin Future Partners Co., Ltd.; hereinafter “Zenrin Future Partners”), and also additional investment from several existing investors including Daito Trust Construction Co., Ltd. (Head office: Minato-ku, Tokyo; President and CEO: Katsuma Kobayashi; hereinafter “Daito Trust Construction”) and other VCs and business companies. Together with the 750 million yen in funding already raised in April 2021, this round brings the total funding raised to 2 billion yen.
With Mori Trust, we will work together to create a new way of urbanization and tourism using micromobility in the office areas that Mori Trust is focusing on, such as Toranomon and Akasaka in Tokyo, as well as in the resort areas that they are developing in various parts of Japan.
For Earthshot Fund, Luup is the first investment since the fund was founded. We are honored that the fund, which conducts investment activities with a focus on major social, technological, and environmental changes occurring on a global scale, has recognized our work, and we will continue to develop our business in line with the fund’s ESG initiatives.
Zenrin Co. Ltd. (Hereinafter “Zenrin”), the parent company of Zenrin Future Partners, and Luup will combine Zenrin’s granular map data on local buildings, sidewalks, and roadways with Luup’s mobility data to improve the functionality of safe and efficient services and develop new services.
Daito Trust Construction manages the largest number of residential rental buildings in Japan, and Luup will continue to strengthen the implementation of LUUP ports in properties managed by Daito Trust Construction, aiming to realize “a town or house you would want to live in if it has LUUP”.
Comment from Daiki Okai, CEO of Luup
Luup is creating a product called “LUUP,” which allows electric micromobility to be shared throughout the city, with the mission to “create an infrastructure that turns the entire city into a ‘station front.’”
Luup has focused not only on the development of software and hardware that shape the user experience but also on activities such as rulemaking for social implementation of new mobility and alliances to expand the number of ports. As a result, we were able to install more ports than convenience stores in Shibuya, an overcrowded city with little available real estate space, and the number of app downloads and users has continued to grow rapidly since the e-scooter was launched on April 23, 2021, under special government measures.
It has been about three years since Luup was founded, and I believe that Luup has finally reached its starting point. In order to make Japanese cities, which have the most developed railroads and station areas in the world, more comfortable to live in, we will accelerate our efforts to create the world’s one and only product by considering the most appropriate form of infrastructure.
We have raised additional funds to enable all teams involved in LUUP to achieve maximum performance. The investors who participated in this round made the decision to invest and collaborate with us because they believe in a future where LUUP, which is still in its infancy at this point, will become a sustainable infrastructure that will support Japan. The entire Luup team will continue to make every effort to “create an infrastructure that turns the entire city into a ‘station front’ for the sake of all the people who live in the city and for the investors who participated in this financing.
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