Spin Raises $8 Million

Bike sharing startup Spin completed $8 million in Series A financing. Grishin Robotics, Exponent.VC, and CRCM participated in the funding.

Spin is a venture-backed transportation company based in San Francisco. Founded at the end of 2016 by three friends who wanted a better way to get around their hometown, Spin’s first product reimagines bike sharing. Spin’s smart bikes are located all around San Francisco. Users only need to download the app and scan a QR code to unlock a bike. For only $1 for every 30 minutes, Spin users can bike and park anywhere conveniently.

The company said that Spin will ramp up hiring and embark on negotiations with additional municipalities to expand its bike-sharing service to more locations.