Uber Backs Lime with $170M Funding While Offloading Jump
Lime has secured a $170 million investment round led by Uber, with participation from existing investors including Alphabet, Bain Capital Ventures, and GV. The Information first broke news of the deal before Lime’s official announcement.
Key Details of the Strategic Partnership
- Jump Acquisition: Lime will absorb Uber’s micromobility subsidiary Jump
- App Integration: Both Uber and Lime apps will remain operational, with future integrations planned
- Valuation Impact: Lime’s valuation drops to \(510 million (79% decrease from its \)2.4B peak in 2019)
Uber CEO Dara Khosrowshahi emphasized the importance of micromobility: “We believe micro-mobility is a critical part of the urban landscape, now more than ever.”
COVID-19’s Impact on Mobility Companies
The deal comes amid significant challenges for both companies:
Uber’s Recent Moves:
- Laid off 3,700 employees (14% of workforce)
- Downsized community operations and driver support centers
- Exited seven Uber Eats markets globally
Lime’s Adjustments:
- Cut 13% of workforce (approximately 80 employees)
- Paused operations in 99% of markets temporarily
- CEO acknowledged unprecedented challenges from the pandemic
Leadership Changes at Lime
Wayne Ting, Lime’s Global Head of Operations since 2018, has been promoted to CEO. He succeeds Brad Bao, who took over from co-founder Toby Sun in 2019. Bao will remain as Chairman of the Board.
Market Reaction
Uber’s stock showed positive movement, trading up 6.61% in pre-market activity following the announcement.
This strategic partnership represents a significant consolidation in the micromobility sector as companies adapt to pandemic-related challenges and shifting urban transportation needs.
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