Small personal electric vehicles are becoming the new reality of urban mobility, giving startups opportunities to enter the field and investors to consider the latest transport technology avenue. In South Korea, electric mobility sharing startup SWING announced it has attracted 30 billion won or approx. $25 million in Series B investment.
White Star Capital, a global Venture Capital company and top investor of Europe’s No. 1 electric kickboard sharing service company TIER, participated as the lead investor in the round. Existing investors Hashed, and Humax also participated. MC Partners, Smilegate Investment, and ST Leaders Private Equity were new investors.
The startup to increase units & widen coverage
In the process of attracting this investment, SWING has been recognized for its differentiated performance with both scale and profitability and its growth potential through entry into new businesses and overseas markets. At the end of 2021, SWING registered to operate 35,000 electric kickboards and electric motorcycles, the largest in Korea.
Based on the operational know-how accumulated through this investment, SWING is taking the lead in mobility electrification through collaboration with local governments. The startup aims to become a leader in the personal electric mobility market in Korea this year by increasing its electric bicycles and electric motorcycles to 100,000 units.
SWING is also widening the operating scope of ‘Todayeun Rider,’ a shared service for delivery riders. In addition, by standardizing the batteries between each model, the company plans to directly install and operate the battery charging system in the first half of this year.
SWING CEO Kim Hyeong-san said, “Unlike domestic prejudice against electric kickboard sharing services, there is a global consensus on the need for personal mobility that reduces car usage and carbon emissions. Through this global investment attraction, we will expand various electric mobility and charging infrastructure and work closely with local governments to create services that both users and non-users love.”
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