In a Spin: Scooter startup acquired for $140 million just two years after launch
San Francisco scooter startup Spin has been acquired, reportedly for $US100 million ($138.8 million), less than two years after it first hit the streets.
In a Medium post, Spin’s founders confirmed the startup has been acquired by multinational vehicle manufacturer Ford, and said it will operate as a standalone business within Ford’s Smart Mobility division.
Neither Spin nor Ford have confirmed the terms of the deal, but a report from Axios said it was worth close to $US100 million.
Founded by Singaporeans Euwyn Poon, Derrick Ko and Zaizhuang Cheng in early-2017, Spin had early support from seed investors at Y Combinator.
In May 2017, it raised $8 million in Series A funding, led by Grishin Robotics, which — according to Axios — meant the startup was valued at $40 million.
In the Medium post, the Spin founders said the startup is “poised to expand aggressively”.It will be scaling up its engineering, design and urban planning teams, as well as bringing in more policy makers, lawyers, and operators, “to create a affordable, convenient and sustainable form of last mile transportation”.
Spin also plans to quickly roll out across “hundreds” of US markets, including large and small cities and university campuses. Read more
Stephanie Palmer-Derrien - SmartCompany - 12 December 2018