Skip to main content

Electric scooter startup Spin is finalizing a $125 million security token offering

Spin, an electric scooter startup, is raising around $125 million via a blockchain-based security token offering (STO), TechCrunch has learned. Spin, which declined to comment for this story, has previously raised just $8 million.

The idea with Spin’s security token offering is to raise money from accredited investors, who will then be entitled to a portion of the revenue from Spin’s electric scooter operations, according to a source close to Spin. Last year, initial coin offerings were the hot thing in the cryptocurrency space. Now, STOs are starting to emerge, given that they provide more security for potential investors. With STOs, investors can buy tokens that are linked to real-world financial instruments. In the case of Spin’s offering, the tokens are linked to its revenue.

Spin has been one of the more quiet scooter startups in the industry after announcing its expansion into scooters in February. This comes shortly after electric scooter startup Bird raised a $300 million round led by Sequoia Capital, and after reports of Lime raising $250 million led by GV.

Spin currently has a contract with electric scooter manufacturer Ninebot to purchase 30,000 scooters a month through the end of this year, according to a source. Bird, on the other hand, said in May it inked an exclusive deal with Ninebot for rights to the company’s supply of scooters. Clearly, that’s not true.

Spin had previously only operated a bike-share platform. Last August, Spin brought its stationless bike-share program to South San Francisco after launching in Seattle earlier that year. Then, in January, Spin unveiled its stationless electric bike. However, Spin is now solely focused on electric scooters, according to a source close to Spin.

Meanwhile, Spin and other electric scooter operators are currently awaiting word from the city of San Francisco regarding whether or not they can deploy their respective scooters in the city.

Uber and Lyft apply for electric scooter permits in SF



from TechCrunch https://ift.tt/2KvTwbE
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

The Silent Revolution of On-Device AI: Why the Cloud Is No Longer King

Introduction For years, artificial intelligence has meant one thing: the cloud. Whether you’re asking ChatGPT a question, editing a photo with AI tools, or getting recommendations on Netflix — those decisions happen on distant servers, not your device. But that’s changing. Thanks to major advances in silicon, model compression, and memory architecture, AI is quietly migrating from giant data centres to the palm of your hand. Your phone, your laptop, your smartwatch — all are becoming AI engines in their own right. It’s a shift that redefines not just how AI works, but who controls it, how private it is, and what it can do for you. This article explores the rise of on-device AI — how it works, why it matters, and why the cloud’s days as the centre of the AI universe might be numbered. What Is On-Device AI? On-device AI refers to machine learning models that run locally on your smartphone, tablet, laptop, or edge device — without needing constant access to the cloud. In practi...
1 comment
Read more

Apple’s AI Push: Everything We Know About Apple Intelligence So Far

Apple’s WWDC 2025 confirmed what many suspected: Apple is finally making a serious leap into artificial intelligence. Dubbed “Apple Intelligence,” the suite of AI-powered tools, enhancements, and integrations marks the company’s biggest software evolution in a decade. But unlike competitors racing to plug AI into everything, Apple is taking a slower, more deliberate approach — one rooted in privacy, on-device processing, and ecosystem synergy. If you’re wondering what Apple Intelligence actually is, how it works, and what it means for your iPhone, iPad, or Mac, you’re in the right place. This article breaks it all down.   What Is Apple Intelligence? Let’s get the terminology clear first. Apple Intelligence isn’t a product — it’s a platform. It’s not just a chatbot. It’s a system-wide integration of generative AI, machine learning, and personal context awareness, embedded across Apple’s OS platforms. Think of it as a foundational AI layer stitched into iOS 18, iPadOS 18, and m...
Post a Comment
Read more

Max Q: Anomalous

Hello and welcome back to Max Q! Last week wasn’t the most successful for spaceflight missions. We’ll get into that a bit more below. In this issue: First up, a botched launch from Virgin Orbit… …followed by one from ABL Space Systems News from Rocket Lab, World View and more Virgin Orbit’s botched launch highlights shaky financial future After Virgin Orbit’s launch failure last Monday, during which the mission experienced an  “anomaly” that prevented the rocket from reaching orbit, I went back over the company’s financials — and things aren’t looking good. For Virgin Orbit, this year has likely been completely turned on its head. The company was aiming for three launches this year, but everything will remain grounded until the cause of the anomaly has been identified and resolved. It’s unclear how long that will take, but likely at least three months. Add this delay to Virgin’s dwindling cash reserves and you have a foundation that’s suddenly much shakier than before. ...
Post a Comment
Read more