Lime has announced that Uber is leading a $170 million dollar investment round with participation from Alphabet and Bain Capital Ventures. As part of the investment, Lime has acquired Uber’s JUMP’s business operations and will further expand its mobile app integration with Uber.
In addition, the company promoted Wayne Ting to Chief Executive Officer. Brad Bao will continue as Chairman of the Board.
Wayne Ting, CEO of Lime, says: “Micromobility will be vital to the new world affected by COVID-19 and we are already seeing this as cities begin to move again. With our new financing and expanded offerings, we are strongly positioned to meet the needs of riders in a safe and reliable way.”
Dara Khosrowshahi, CEO of Uber, adds: “Lime has the operational expertise and undivided focus needed to build a scaled, sustainable micromobility business. We’re glad that our customers will continue to have access to bikes and scooters in both our apps because we believe micromobility is a critical part of the urban landscape, now more than ever.”
Brad Bao, Lime Co-founder and Chairman of the Board, states: “Lime has pioneered and become the global leader in micromobility, powering over 130 million rides in a few short years with the vision of making our cities greener and more livable.”
Wayne Ting joined Lime in October 2018 as Global Head of Operations and Strategy and has been instrumental in the company’s drive towards profitability.