Uber, an American multinational ride-hailing company is leading a $170 million investment in scooter- and bike-sharing startup Lime, in a move that deepens the ties between the two “sharing economy” platforms, the companies said.
Other investors that took part in the funding round are Alphabet, Bain Capital Ventures, GV and other existing and new investors, according to the statement.
As part of the deal Uber to transfer its Jump electric bike and scooter operations to Lime while keeping the “micromobility” services on its mobile application.
“Today’s announcement means that riders around the world will have even more integrated micromobility options at their fingertips, making car-free travel easier than ever before,” the two firms said in a joint statement “In almost all markets where Lime and Uber operate, users will be able to turn to both the Lime and Uber app to unlock world-class products and services.”
“This investment reaffirms Lime’s market strength and positions the company to build a long-lasting business that empowers people with sustainable, safe and affordable transportation options,” the statement said.
Uber CEO Dara Khosrowshahi said that Lime “has the operational expertise and undivided focus needed to build a scaled, sustainable micromobility business,and that under the tie-up “our customers will continue to have access to bikes and scooters in both our apps.”
The two firms previously had an agreement allowing users to find and rent bikes and scooters with either of the applications.
The tie-up will free Uber to concentrate on its core rideshare and delivery services while Lime — which currently operates in some two dozen countries — will manage scooters and bikes including the Uber Jump fleet.
Lime said it promoted Wayne Ting to chief executive from his role as global head of operations. The current CEO Brad Bao will continue as chairman.
Lime aims to provide a sustainable solution to the first and last mile transportation problem by helping people move around their cities in an affordable and convenient way while eliminating their carbon footprint. From the electric scooter to the e-assist and pedal bike, experience the excitement of Lime’s smart mobility fleet. Lime is based in San Francisco, CA, and is funded by leading VC firms including Google Ventures, Fifth Wall and Andreessen Horowitz.
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