Japan's Luup scores $33.2 mln in equity and debt financing

Luup, Inc., a Japanese micro-mobility company, has raised roughly 4.5 billion yen ($33.2 million) in a debt and equity fundraising round.

The Series D round, which has boosted the company's total funding raised so far to $67.2 million, was led by Spiral Capital and joined by existing investor ANRI.

Moreso, the round also received extra backing from SMBC Venture Capital, Mori Trust, and new investors 31ventures and Mitsubishi UFJ Trust and Banking Corp.

Luup will use the funds to further expand its business, while focusing more on strengthening safety measures and raising awareness of new traffic rules in preparation for the enforcement of the revised Road Traffic Act on July 1, 2023.