Spin, a San Francisco, CA-based stationless bikeshare system, raised $8m in Series A funding.
The round was led by Grishin Robotics with participation from Exponent and CRCM, along with Quora co-founder Charlie Cheever and Dropbox investor Matt Brezina.
The company will use the funding to accelerate hiring, expand deployment of its smart bikeshare system across several U.S. cities, and build ts dockless bikeshare fleet.
Co-founded by CEO Derrick Ko and President Euwyn Poon, formerly of Lyft, Spin operates orange-colored smart-bikes located via the Spin app, unlocked and taken for a ride by scanning a QR code. Designed in California, the bikes are equipped with GPS, cellular connectivity, solar panels, and solid tires.
Spin, which offers them at $1 a ride, also runs the Spin Cities Project, an initiative to fund smart urban infrastructure, bike safety and awareness programs, and provide cycling data to communities.
The Project’s first initiative is to fund bike safety in Seattle, where Spin plans to launch this summer. In addition to an initial investment, Spin will contribute a portion of ride revenue to continually fund the project.