Today, Lime announced that Uber is leading a $170 million dollar investment round with participation from Alphabet, Bain Capital Ventures, GV and other existing and new investors.
As part of the investment, Lime has acquired JUMP’s business operations and will further expand its mobile app integration with Uber.
"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. 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," Lime said.
In addition, the company promoted Wayne Ting to Chief Executive Officer. Wayne joined Lime in October 2018 as Global Head of Operations and Strategy.
Brad Bao will continue as Chairman of the Board working closely with the executive leadership team to ensure that Lime achieves its mission.
The investment is said to round valued Lime at $400 million -- massively lower than the $2.4 billion investors priced the company at in a funding round last year.
Startups renting electric scooters -- Lime and Bird -- began falling out of favor this year. First unprofitable business models fell out of fashion, and then the pandemic kept customers stuck at home.
Lime said in January it was cutting 14% of staff, about 100 employees, and retreating from a dozen markets in a drive toward profitability. In March it said it was “winding down or pausing” service in all markets but South Korea. And in April, further job cuts were announced.