MopedU, the scooter rental company started by University of Iowa graduates in 2011, has secured financing for an expansion that includes a new out-of-state location.

MopedU reported revenue growth of 300 percent in 2012. The company announced Friday that it has obtained financing from MidWestOne Bank of Belle Plaine for the expansion.

MopedU is owned by Bryan Ilg, Josh Bass and Tommy Le.

The expansion will include two more positions at the company’s dealership at 410 Highland Ave. and four in an undisclosed new location.

The new out-of-state location is expected to be in a southern state. Locating in a climate with a year-around demand for scooter rentals is expected to accelerate the company’s growth, according to Le.

Cody Wisner, formerly of J & P Cycles in Anamosa, recently joined the company as dealership manager.

MopedU co-owner Bryan Ilg explains how a moped works to Luke Fevold (seated) in this 2011 photo. (Dave DeWitte/The Gazette)