Swing, a Seoul-based startup offering personal mobility services allowing users to commute anywhere using electric scooters, has raised US$ 24 million in a Series B funding round led by White Star Capital on 6 February 2022.
Investors: The latest investment round featured White Star Capital as the lead investor with participation from Hashed and TIER Mobility. The startup has managed to raise, in total, over US$ 32 million to date.
Purpose of the funding: The startup seeks to utilise the proceeds from the investment round to scale its micro-mobility fleet and further expand its presence in the Japanese market. For the current year, Swing seeks to deploy 100K e-mopeds, e-scooters, and e-bikes with a swappable battery feature, allowing users to interchange their batteries. It envisions building 200 charging stations for personal use and others as options.
About Swing
Brought to existence in 2019 by San Kim, Swing rents electric scooters, allowing the user to use and park them safely without obstructing the traffic. Recently, the firm launched a new application called the Dayrider, which enables delivery riders to rent e-scooters or e-mopeds for one to two days without the need to charge. At present, the company runs a fleet of 35K electric vehicles, like e-mopeds and e-scooters. In 2021, the organisation established a subsidiary in Japan, with the primary motive to introduce its offerings in Tokyo by the first half of 2022.
What the Founder has to say: “In 2021, the Japanese regime legally embraced the e-scooter sharing concept through evidence. Being a Korean entity, we have the potential to ramp up the adoption of micro-mobility offerings in Japan using our high operational prowess. Through its high e-bike usage, smartphone penetration rate and surging demand for the last-mile trip, the Japanese market offers the most appropriate environment for selling e-scooters.”- San Kim, Founder and CEO of Swing.
What the Investor has to say: “White Star Capital intend to work closely with the Swing team to bolster their dream of becoming a global firm by penetrating the Japanese market and scaling its logistics facilities with the latest Dayrider service. We foresee Japan and South Korea closely embracing the new trend and estimate the micro-mobility industry to hit a significant inflexion point in the coming few years.”- Eddie Lee, partner of White Star Capital.
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