South Korea’s Swing eyes Japan expansion following a USD 24 Mn funding
Category: #business |   By Pankaj Singh |   Date: 2022-02-07

South Korea’s Swing eyes Japan expansion following a USD 24 Mn funding

South Korean micro-mobility and electric scooter startup Swing has reportedly secured USD 24 million in a Series B funding round that was led by White Star Capital. The company will use the fresh funds to expand its business to Japan.

The recent fundraising also saw participation from existing investor Hashed, with Swing raising a total of USD 33 million in funding since its launch back in 2019.

The founder and Chief Executive Officer of Swing San Kim stated that the firm would utilize the fresh investments to expand its fleet of micro-mobility and further explore the Japanese market.

For the record, Swing presently has 35,000 electric vehicles in its fleet, including e-scooters and e-mopeds. The company is now planning to deploy 100,000 e-scooters, e-bikes, and e-mopeds with interchangeable batteries, as well as 200 charging stations in 2022.

It is also worth mentioning that Seoul announced a plan which will involve developing 200,000 additional electric charging stations and around 62,000 electric motorcycles as well as e-mopeds by 2025 to reduce its greenhouse gas emissions. South Korea’s capital is also likely to replace its entire delivery fleet with electric motors.

It appears that Swing will capitalize on this opportunity, although the micro-mobility startup failed to meet estimations despite generating net profits during its second year of operations. Swing’s Chief Operating Officer Jason Shin stated that this can be attributed to the drop in new users due to the pandemic restrictions.

Using a franchise business model, Swing will expand its fleet faster with lesser investment than its competitors. The franchisees also use Swing's proprietary software to charge and manage the e-scooters.

Even Japan has now legalized sharing e-scooters after a thorough proof-of-concept application. It will be interesting to see how Swing leads the micro-mobility adoption in Japan as a Seoul-based company.

Source Credits –

https://techcrunch.com/2022/02/06/seoul-based-micromobility-startup-swing-grabs-24m-for-growth-expands-to-japan/

  • shareShare
  • Twitter
  • Facebook
  • LinkedIn


About Author

Pankaj Singh     Twitter

Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...

More News By Pankaj Singh

Shaurrya Teleservices & Airwaive team up to expand 5G network in India

Shaurrya Teleservices & Airwaive team up to expand 5G network in India

By Pankaj Singh

Airwaive and Shaurrya Teleservices (STS) has reportedly announced an international strategic collaboration to jointly build 5G wireless network service in India, assisting telecom providers in advancing 5G technology throughout the nation. Notably...

Valneva looking to capitalize on growing prevalence of Lyme disease

Valneva looking to capitalize on growing prevalence of Lyme disease

By Pankaj Singh

French drugmaker Valneva SE is now reportedly betting on its vaccine VLA15 for treating climate change-induced Lyme disease, as it looks to capitalize on growing prevalence of tick-borne illnesses following the disappointing sales of its COVID-19 vac...

Reliance Jio becomes the largest buyer of India’s USD 19 Bn 5G sale

Reliance Jio becomes the largest buyer of India’s USD 19 Bn 5G sale

By Pankaj Singh

Reliance Jio Infocomm Ltd., owned by billionaire industrialist Mukesh Ambani, was found to be the most aggressive participant in the government-backed 5G auction in India where several telecom behemoths agreed to invest at least USD 19 billion. Jio w...