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Uber buys dockless, electric bike-share startup JUMP

by April 9, 2018

written by 9^th Apr 18 3:12 pm

The deal is reportedly for more than $100m

Foraying into the bike-rental industry, ride-hailing giant Uber said today that it has entered into an agreement to buy electric bike service JUMP Bikes.

JUMP is a dockless, electric bike service based in San Francisco and Washington. About 100 JUMP employees will join Uber, a spokeswoman said.

The giant agreed to pay more than $100m to buy the electric-bicycle provider, a person familiar with the matter told media.

Uber Chief Executive Dara Khosrowshahi said the acquisition furthers Uber’s goal of offering “the fastest or most affordable way to get where you’re going, whether that’s in an Uber, on a bike, on the subway, or more.”

Ryan Rzepecki, Jump’s founder and chief executive, said the deal was intended to provide a launch pad to take the Jump service overseas, particularly to Europe, which had the potential to be a much bigger market than North America.