Speaker 1: All right let's bring in the other company here.
Speaker 1: The president and co-founder of
Speaker 1: Spin is joining us now Euwyn Poon.
Speaker 1: Euwyn, it's great to see you again.
Speaker 1: I saw you back in June there,
Speaker 1: so it was nice to see your company grow so quickly.
Speaker 1: Congratulations on the deal.
Speaker 1: How does it impact your position,
Speaker 1: Spin's position in E-scooter space?
Speaker 2: Thanks. I think it's a big turning point here that we
Speaker 2: see a couple of
Speaker 2: leading companies take very hyper progressive approaches,
Speaker 2: and we always stuck by our principles
Speaker 2: first and partnership promise with cities and campuses.
Speaker 2: I think it's, it's uh, now
Speaker 2: with the capital and the partner with
Speaker 2: a long term brand like Ford behind us
Speaker 2: and I think we're about to make a big difference.
Speaker 2: And we are here for the long term I think that
Speaker 2: we always thought about
Speaker 2: this product and solutions is one that will
Speaker 2: be here for the next decade,
Speaker 2: plus as we're really
Speaker 2: improving my group of building cities.
Speaker 2: So I think that's,
Speaker 2: I think we'll see a big shakeup in the space,
Speaker 2: and we're going to make a run for
Speaker 2: it as a company doing things the right way.
Speaker 3: Bird and Lime, both valued at north
Speaker 3: of a billion dollars here as we're watching,
Speaker 3: how does this teaming up with Ford really
Speaker 3: position you to better
Speaker 3: compete against those two big names?
Speaker 2: Certainly on the capital side,
Speaker 2: this is not just an acquisition
Speaker 2: it's an acquisition where we will
Speaker 2: be provided tremendous resources as
Speaker 2: a standalone business unit to really compete.
Speaker 2: And I think that that's been,
Speaker 2: that's been a one area where certain Bird and
Speaker 2: Lime had pulled ahead in the early months of this race.
Speaker 2: But whereas we really focused
Speaker 2: on the policy side of things and really created
Speaker 2: this framework in cities across the
Speaker 2: U.S.. And now with the right capital partner
Speaker 2: and a company like Ford and a brand,
Speaker 2: and a trusted brand like that behind us,
Speaker 2: I think that we're poised to,
Speaker 2: to really capture a large portion
Speaker 2: of the market share and certainly
Speaker 2: really innovating the space,
Speaker 2: both continuing on the policy side and how
Speaker 2: cities interact with my probability, as well as on,
Speaker 2: on the product itself, teaming
Speaker 2: up with another manufacturer
Speaker 2: with more than 100 years of
Speaker 2: legacy really creates new opportunities.
Speaker 1: Right, absolutely, and as Brad mentioned you know,
Speaker 1: you have two really big companies
Speaker 1: that grew really quickly not unlike yourself,
Speaker 1: but they also seem to
Speaker 1: suck a lot of the oxygen out of the room,
Speaker 1: having raised hundreds of millions of dollars.
Speaker 1: I know you guys had just raised
Speaker 1: about 8 million and you were in due and in the process of
Speaker 1: raising a 125 million in a security token offering.
Speaker 1: What is the status of that security token offering,
Speaker 1: or would you still go through with it,
Speaker 1: is that already done?
Speaker 1: And had you felt before this acquisition here,
Speaker 1: difficulty in raising money when you had
Speaker 1: these two big competitors in the same environment?
MALE_1: Apple's always competitive obviously.
MALE_1: Um, no, we, uh, we are not proceeding with any-
MALE_1: we have not actually proceeded with
MALE_1: any security token offering.
MALE_1: We, you know, that was speculation at the time.
MALE_1: Uh, we definitely have looked at
MALE_1: different angles in terms of financing,
MALE_1: uh, but now that's sort of a
MALE_1: secondary priority now with, uh,
MALE_1: with Ford- Ford backing us and- and being
MALE_1: the primary sponsor here, uh, where, you know,
MALE_1: we get to really focus on what we do best,
MALE_1: which is, uh, on the policy side
MALE_1: and innovating on- on the product side as well.
MALE_1: Uh, and I think that- that really
MALE_1: makes a- a formidable competitor now.
MALE_1: Uh, one of the big three software companies.
MALE_2: So, as we're watching additionally
MALE_2: Ford really grow out its technological component,
MALE_2: its positioning as a technology company
MALE_2: in the automotive space here,
MALE_2: where do you guys fall into
MALE_2: their broader network that they're
MALE_2: also trying to build up?
MALE_1: So, we fit within the Ford Smart Mobility unit and, um,
MALE_1: I'm happy to differ Ford generally, by, you know,
MALE_1: their future plans in terms of where this is all going.
MALE_1: But the way I see it, um,
MALE_1: we're going to be a very important consumer facing
MALE_1: brand as this- this new sector emerges.
MALE_1: I think that, uh,
MALE_1: Bill Ford himself has recognized
MALE_1: a need for- for Ford to transition just
MALE_1: from a company that makes cars into one
MALE_1: that is building sustainable,
MALE_1: uh, mobility solutions and scooters just represent,
MALE_1: uh, the first phase of this.
MALE_1: And it's going to be really exciting journey.
MALE_1: And, uh, I think this- the SPIN team is
MALE_1: really- they're really excited to be part of this, uh,
MALE_1: and- and they're really, uh,
MALE_1: being the fore runners,
MALE_1: part of this big experiment
MALE_1: that Ford is doing to explore the future.
FEMALE_1: When did the talks of this begin, Euwyn?
MALE_1: So, can't come out- comment on that directly but,
MALE_1: I mean, it's only 20 months old.
MALE_1: We've launched in, uh,
MALE_1: we first launched in March,
MALE_1: so, it was sometime after we launched in Francisco.
MALE_1: So, everything is happening at work speed here in
MALE_1: this industry and this is no different.
FEMALE_1: Yeah, work speed indeed.
FEMALE_1: Ford had amazingly great things
FEMALE_1: to say about you guys, uh,
FEMALE_1: specifically wanting to work with you,
FEMALE_1: uh, because of what you told me back in June,
FEMALE_1: which is that you have a different approach to
FEMALE_1: getting into those cities where you have a city
FEMALE_1: first approach working with them
FEMALE_1: and then being able to go in after.
FEMALE_1: What does Ford bring to SPIN?
MALE_1: I think they- they bring- they-
MALE_1: they certainly bring a trusted brand,
MALE_1: one that has worked with cities.
MALE_1: They have supplied cities with a lot of
MALE_1: transportation options in the past and that
MALE_1: is going to facilitate our conversation to make us the
MALE_1: leading choice when it comes to partner with cities.
MALE_1: We're not a company that is driven to scale
MALE_1: and- and blitz as fast as possible though
MALE_1: we have very ambitious growth plans.
MALE_1: Um, but we- we can- cities
MALE_1: and schools can- can work with us
MALE_1: knowing that we'll be around for,
MALE_1: you know, at least, you know- you know,
MALE_1: a few more decades in terms
MALE_1: of the- the support that we have behind our backs.
MALE_1: So, that's- that's the-
MALE_1: the rule that we see them
MALE_1: playing and obviously there are other,
MALE_1: um, as this whole opportunity evolves.
MALE_1: We're just at the forefront of
MALE_1: smart mobility with scooters and I
MALE_1: think that there are really interesting things
MALE_1: that will happen down the line.
MALE_2: All right. Euwyn Poon,
MALE_2: co-founder and president of Spin.
MALE_2: Thanks so much for joining us back here again on Cheddar.
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