Ford Motor Co. has agreed to buy electric scooter startup Spin, Axios has learned from multiple sources.

The deal is worth close to $100 million, according to two sources, though another earlier put the price tag in the range of $40 million, which is around where Spin was valued after its Series A funding last year.

Why it matters: Ford had already dipped its toes into scooters with the recent roll out of its Jelly service on the campus of Purdue University, which also happens to be Spin CEO Derrick Ko's alma mater.

Editor's note: The story has been updated to note that two new sources told Axios after publication that the acquisition was worth close to $100 million rather than $40 million.