Ford is entering the electric scooter business.
The American carmaker announced Wednesday it has acquired the popular San Francisco-based scooter-share company Spin.
The scooter startup secured $8 million in funding last year, and it was one of the first scooter companies to bring the electric vehicles to San Francisco this year along with Bird and Lime.
Pitchbook reported in May that Spin was valued at $43.2 million and fending off several multi-million dollar offers. There’s no official word on how much Ford offered Spin in the acquisition, but Axios reports it was close to $100 million. Read more…