While the scooter start-ups Bird and Lime are campaigning for top Silicon Valley investors, Spin wants to raise money in other ways: its own cryptocurrency.
The news was first reported on Friday by TechCrunch and confirmed by Business Insider.
Spin is collecting $ 125 million through a secure token offering, although the company has not officially listed its tokens for sale on a stock exchange. One source close to the affair told Business Insider that it could list on multiple crypto currency exchanges, but they are waiting for more mainstream exchanges like Coinbase to support STOs.
During an STO, a new idea widely regarded as a safer version of an Initial Coin offer, investors can buy Spin's tokens ̵
The report comes one day after competing startup Bird announced a $ 300 million round of financing from some of Silicon Valley's premier venture companies, valuing the company at $ 2 billion. Investors see e-scooter companies as the next Uber and Lyft and are pushing to enter the business on the ground floor.
To date, Spin has raised $ 8 million in a Series A round led by Grishin Robotics. The company has started in 18 cities and a number of colleges. And while Bird and Lime had a treacherous tale with city officials-claiming that the scooters appeared in towns with little attention-Spin was relatively quiet after a cease and desist letter had been issued in San Francisco for the first time.
Electric scooters work by allowing users to reserve a scooter nearby via a smartphone app, riding around it for a small fee, and leaving the scooter somewhere to be claimed by the next driver at the end of the ride.
Spin did not respond to a request from Business Insider.