Hyundai Motor invests in e-scooter startup

Micro-mobility startup Olulo, operator of e-scooter sharing service Kickgoing, raised an undisclosed sum from Hyundai Motor Company and Kolon Investment. Total funding to date is US$2.2 million.

Launched in September 2018, the company is the first mover in Korea’s e-scooter sharing market. It boasts over 250k users and 1.2 million rides to date. Operating more than 3k e-scooters in Seoul, it has the biggest fleet among e-scooter sharing firms. Users need to register their driver’s license on the app to use the service, and must park in designated areas to end each ride.

Kickgoing will spend the fresh funds to expand into the Seoul Metropolitan area and increase its fleet of e-scooters to 10k within this year.

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