• General
  • November 7, 2018
  • 4 minutes read

Ford said to acquire e-scooter startup Spin

Spin Axios is reporting Ford is purchasing Spin, the electric scooter startup founded in 2016 that operates in cities and campuses…

Spin

Axios is reporting Ford is purchasing Spin, the electric scooter startup founded in 2016 that operates in cities and campuses around the US with a team comprising of engineers, designers, lawyers, operators and public policy makers with experience from the likes of Uber, Lyft, Y Combinator and other technology companies.

Sources put the acquisition price at around $40 million for the San Francisco based company which has raised $8 million so far from the likes of CRCM Ventures, Exponent, Grishin Robotics and Quora co-founder Charlie Cheever.

Spin

Along with Bird and Lime, Spin initially deployed scooters in San Francisco but had to halt after the city put in place a permitting process. Spin didn’t receive a permit after that but sought to meet with city officials to appeal the denial.

The startup was also said to be in the process of finalizing a $125 million token offering taking an unconventional method of raising more cash for its operations that involved purchase of tokens linked to real-world financial instruments, in this case, It’s revenue.

Spin

So far, it’s launched its services on 5 college campuses and several cities spanning Denver, Detroit, Charlotte, Coral Gables, Washington, D.C, Durham, Lexington and Long Beach.


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