# olulo

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/olulo

- Industry: Transportation Services
- Headquarters: Seoul, South Korea
- Website: www.kickgoing.io
- Total disclosed funding: $4.5M
- Latest round: Series A (Aug 20, 2020)
- Investors on record: 3

## About

Olulo is a mobility company that enhances urban transportation by offering a user-friendly platform for scooter and bicycle rentals, branded as "Kickgoing," catering to diverse commuting needs.Founded in 2015 and headquartered in Seoul, South Korea, Olulo specializes in urban mobility solutions through scooter and bicycle rental services. The company has completed a total of 6 deals, with the most recent deal occurring on January 18, 2022, where it raised KRW 4 billion from Samchuly Bicycle Co., Ltd. The CEO, Marcelo Kim, leads the firm as it continues to focus on innovative transportation options.Olulo Inc. specializes in providing a seamless mobility experience through its core offerings of scooter and bicycle rental services, branded under "Kickgoing." The platform operates via a user-friendly mobile app, allowing customers to easily locate, unlock, and rent scooters and bicycles across various urban areas. The service is designed to cater to individuals seeking convenient and efficient transportation options for short-distance travel, thereby enhancing urban mobility. Customers include city residents and tourists in major metropolitan regions such as Seoul, Busan, and Incheon, as well as in selected cities across Gyeonggi Province. The company aims to address urban congestion and promote eco-friendly commuting habits, effectively bridging transportation gaps in densely populated areas.Olulo Inc. generates revenue primarily through pay-per-ride transactions facilitated via its mobile application. Users pay to access the scooters and bicycles, with pricing structured around per-minute or per-ride fees. The service also offers potential subscription models for regular users, enhancing customer loyalty and ensuring recurring revenue streams. The company’s flagship offerings, namely the Kickgoing scooters and bicycles, are marketed directly to consumers in urban locales, establishing a direct-to-consumer business model. Transactions occur in real-time as customers engage with the app, making payments seamlessly integrated into their rental experience. Revenue is derived from these user interactions, contributing to the company's financial stability and growth potential.In January 2022, Olulo raised KRW 4 billion in venture funding from new investor Samchuly Bicycle to expand its services. The investment will help Olulo meet the demands for short- and medium-distance movement within the city by broadening its offerings from electric kickboards to electric bicycles. The company is planning to target expansion into additional urban markets across South Korea, enhancing its service coverage and accessibility. Specific timelines for these expansions are yet to be announced.

## Funding rounds

- Series A, Aug 20, 2020, $4.5M — Hyundai Motor Company, Magna Investment, Hanwha Investment & Securities

## Investors

- Hyundai Motor Company — Series A
- Magna Investment (https://capitalatlas.ai/funds/magna-investment) — Series A
- Hanwha Investment & Securities (https://capitalatlas.ai/funds/hanwha-investment-securities) — Series A