They’re becoming more and more of a common sight nowadays. The left-behind scooters, cast aside like a forgotten memory, left to fend for itself on the side of the road. This brand new craze is based on in-app purchases that unlock an electric scooter, charges the paired user for the distance traveled, and the Ford Company is seeing dollar signs.
Valued at a nice $40 million and featuring scooters already operating in hot spots like Long Beach, CA, Denver, CO, Washington D.C., Charlotte, NC, and Coral Gables, FL; Spin is quickly gaining ground on big brothers Bird and Lime.
As one of the first companies to evolve the scooter game in San Fransico and Seattle, Spin has been at the head of the fight to get permitted in high-density areas. These scooter companies have had their license to operate pulled in a few major cities after safety concerns, and now they’re hoping that the governments will change their tune to allow the buzzing electric gnats to once again fill the streets with depressing images of forgotten scooters and broken childhood nostalgia.
One of the lingering questions is why Ford decided to buy into the electric scooter game rather than create their own from the ground up. Maybe they see something we don’t, and in all honesty, sometimes it’s just easier to let someone else do the work and purchase it from them. Right?
However, Spin does bring to the table a recently completed investor campaign that saw $8 million in venture funding and a respectable $125 million in a security token offering. This blockchain-based fundraiser came from accredited investors and was more than likely an enticing element that piqued Ford’s interest.
Well, no matter what the final domino was, Ford’s recent push to diversify its portfolio is proving to be pretty interesting. Stay tuned. Hell, they might even buy us next.