Founded in 2016 by Derrick Ko, Euwyn Poon, and Zaizhuang Cheng, Spin began by renting dockless bicycles in the Seattle, Washington, area. The company logged more than 5,000 rides in their first week, far exceeding other bike rental companies. The company has evolved to include electric scooters.
San Francisco Public Works confiscated dozens of the dockless bicycles after pedestrians stated that the bikes were blocking sidewalks and creating a hazard.
Ford Motor Company acquired the company in November of 2018 for an undisclosed sum. The company was worth approximately $90 billion at the time of sale. Ford says that they intend to greatly expand the company, which currently operates in 24 cities across the US.
Headquarters for Spin are currently located in San Francisco, California. It is unknown if Ford will move or integrate the corporate office for Spin with their office in Detroit, Michigan.