All posts tagged: Luup

Luup raises M ahead of Japan’s new micromobility rules

Luup raises $30M ahead of Japan’s new micromobility rules

Japanese shared micromobility startup Luup has raised $30 million (4.5 billion yen) in a Series D financing round, which consists of 3.8 billion yen in equity and 700 million yen in debt. Luup has now amassed a total of $68 million in equity, debt, and asset financing to date, at what sources said valued the firm at over $100 million. The company declined to comment on the valuation. In light of the sector’s growing popularity, the Japanese government has been proactive in loosening e-scooter regulations to further stimulate the micromobility industry. Starting this July, amendments to the country’s Road Traffic Act will permit e-scooter users to ride without driver licenses or helmets, as long as they maintain a maximum speed of 20 kilometers per hour. In an interview with TechCrunch, Luup CEO Daiki Okai said the startup’s ambitious plan is to expand its e-scooter and e-bike business across Japanese cities and tourist destinations. It aims to achieve a scale comparable to traditional public transportation modes, such as trains, catering to hundreds of thousands of daily …