31VENTURES Global Innovation Fund Ⅱ has invested in Luup Inc., a company operating an electric micromobility sharing service.
Mitsui Fudosan Co., Ltd., has invested in Luup Inc. (Luup), a company operating an electric micromobility sharing service, through its 31VENTURES Global Innovation Fund II (31VENTURES II).
With the mission to “create an infrastructure that makes the entire city ‘a station front,’” Luup is operating a sharing service of electric micromobility including e-scooters and e-bikes. In Japan, there is still room for improvement in transport, as many rail users are stressed by the fact that there are few pinpoint journeys from the nearest station to a specific location and they have to make a diversion to change trains.
Luup started its business to solve the inconvenience of using railways through its electric micromobility sharing service that is densely deployed in cities. The company has been providing an e-scooter sharing service since April 2021 after conducting nationwide demonstration tests on private and public lands from 2019 and on public roads as motorized bicycles in 2020. Currently, the service is available in Tokyo, Osaka, Kyoto, Yokohama, Utsunomiya, and Kobe, with the number of ports already exceeding 3,000 in two years since the e-scooter service launch.
The revised Road Traffic Act, which will newly stipulate a category for electric micromobility vehicles including e-scooters, is scheduled to be enforced on July 1, 2023. Electric micromobility is now ready to fully become one of the major transport services in Japan. The company will drive its business forward to become a new short-distance mobility infrastructure by raising awareness of the new traffic rules and updating its vehicles and services in line with the revised Road Traffic Act.
Through this investment, Mitsui Fudosan will support Luup in becoming the infrastructure for the Last Mile Mobility in Japan.
Location: Chiyoda-ku, Tokyo, Japan
Representative: Daiki Okai
Founded: July 2018
About 31VENTURES II
Name: 31VENTURES Global Innovation Fund II
General Partner: Global Brain Corporation
Fund Size: JPY 8.5 billion