Home / Tech / Ford buys e-scooter company Spin for $40 million

Ford buys e-scooter company Spin for $40 million

Ford is purchasing dockless electrical scooter company Spin for $40 million, in keeping with Axios. The acquisition price kind of what Spin used to be valued at after its Series A investment remaining yr.

The deal isn’t the primary time Ford’s entered the e-scooter marketplace; the company began engaging in a take a look at run of scooter leases at Purdue University beneath the identify “Jelly” remaining month. Ford has additionally been exploring new mobility answers because it got San Francisco-based go back and forth carrier Chariot in 2016, and it’s been working a docked bicycle-sharing program within the Bay Area referred to as Ford GoBikes since 2013. Ironically, Motivate, the bike-sharing company Ford partnered with to release GoBikes, has since been got through Lyft, which may be entering the e-scooter sport.

Though Spin is an SF-based company, the town put a brief grasp on its scooters after a short lived trial in March. Other electrical scooter startups like Lime and Bird have paused operations within the town as neatly till allow packages can also be processed. (Only competing startups Skip and Scoot are allowed in SF for the time being.) For now, Spin operates in 9 towns, together with Charlotte, Denver, Detroit, and Long Beach, in addition to 5 school campuses. Today’s acquisition through Ford will most likely see the company bringing its scooters to extra towns.

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