Bike sharing has taken a turn in the U.S., following trends in China. The new mode is “dockless,” where companies distribute bikes around a city or campus to be rented per trip instead of dispensing them from one station. The bikes are tracked via GPS, and can be located by users, paid for and unlocked using their smartphones. Best of all, whenever riders are done with one of these bikes, they can park them anywhere that’s convenient (and legal).
As TechCrunch has previously reported, venture investors are pouring money into startups trying to make dockless bike sharing a success domestically. These businesses are facing fragmented regulations, and competition from better-funded Chinese players coming to North America, as well as incumbents like Motivate Co. the kiosk-based bike sharing company which has locked up agreements with cities across the country.
The latest to score a round of funding is in Spin (incorporated as Skinny Labs Inc.) a San Francisco startup founded by veterans of the tech scene: CEO Derrick Ko, President Euwyn Poon and CTO Zaizhuang Cheng. Spin just closed an $8 million Series A round of venture funding led by Grishin Robotics, and joined by Exponent.VC, CRCM and angel investors Matt Brezina and Charlie Cheever.
Euwyn Poon said now that it has locked in a Series A round, Spin will ramp up hiring, and embark on negotiations with different municipalities to bring its bike sharing service across the country without ruffling feathers.
Dockless bike sharing companies have stirred fears that bikes will clutter the sidewalks, posing a hazard to…