Tier Acquires Ford’s E-Scooter Outfit Spin, Enters US Marketby Jonathan Keane · Forbes
German e-scooter company Tier has acquired Spin, the e-bike and e-scooter firm owned by Ford.
The deal will usher in Tier’s entry to the North American market where Spin operates in more than 70 cities with 50,000 vehicles.
Tier is a major player in Europe’s e-scooter scene, operating in 410 cities. Spin has a small footprint in Europe, namely in the UK, which will be absorbed into Tier.
No financial terms for the deal have been disclosed.
According to Tier, the deal will bring together the two sides’ research and development on safety features for e-scooters including sidewalk riding detection technology. It plans to invest further in Spin’s fleet by equipping all of the vehicles with swappable batteries.
Lawrence Leuschner, chief executive of Tier, said that the merger of the two companies will accelerate the switch away from cars on both side of the Atlantic, "a switch that is urgently needed to decarbonize towns and cities across the world."
With the coming together of the two companies, Tier will inherit many of the existing relationships that Spin has with partners and officials in the cities that it operates in.
"Tier and Spin share the same foundational view of how to deliver world-class micromobility services to cities and riders. Both companies believe in a partnership-first approach, operating with employees rather than contractors, and helping get people out of cars by offering sustainable, equitable, and safe micromobility services," Spin chief executive Ben Bear said.
The deal marks Tier’s latest acquisition. Last year it acquired bike-share firm Nextbike and the Italian operations of Wind Mobility, expanding its footprint further in Europe.
It has raised over $660 million from investors with Softbank leading its last funding round that valued the company at $2 billion.
Spin was founded in 2016 and was acquired by carmaker Ford in 2018. Spin will continue to operate its brand name in North America under Tier’s ownership.