Swing, a South Korean electric scooter and micromobility startup, announced today it has raised $24 million in a Series B round to spur its growth and expansion to Japan.

The funding was led by White Star Capital, which also invested in Berlin-based Tier Mobility, and included existing backer Hashed, among others. With the fresh capital, Swing has raised a total of approximately $33 million (40 billion KRW) since its inception in 2019.

Founder and chief executive officer of Swing San Kim told TechCrunch that the startup will use the proceeds to increase its fleet of micromobility and further penetrate the Japanese market. In 2022, Swing plans to deploy 100,000 e-scooters, e-bikes and e-mopeds that will have a swappable battery that’s interchangeable with each other and install 200 charging stations for its own usage and others as options. Swing currently operates a fleet of 35,000 electric vehicles, including e-scooters and e-mopeds.

Apart from its Swing app, the shared micromobility startup recently launched a new app called Dayrider that enables delivery riders to rent e-mopeds or e-scooters for just one or two days without the hassle of charging.

The city of Seoul announced in September that it will add 62,000 electric motorcycles, including e-mopeds, and install 200,000 additional electric charging stations by 2025 in an effort to reduce greenhouse gas emissions. Seoul also said it would replace 100% of the 35,000 motorcycles used for delivery services with electric motors.

Swing aims to take the market. According to the company, there is no suitable e-moped model that can meet the required demand in South Korea, no supply chain that can sell, repair or resell and no charging stations that offer services to potential e-mopeds users.

When it comes to operations, Swing has taken a franchise model. Chief operating officer of Swing Jason Shin said Swing, with the franchise model, could expand its fleets faster with smaller capital than its peers. Swing sells its branded fleets to franchisees. Then the franchisees charge and maintain the e-scooters using Swing’s proprietary software. Swing currently has more than 50 franchise partners, Kim said.