Uber acquires Electric Bike rental service


Uber Technologies Inc. has acquired JUMP Bikes for an undisclosed amount. The acquisition comes shortly after TechCrunch reported that JUMP was in talks with Uber of a sale exceeding $100 million or a funding round, which possibly included Mike Moritz of Sequoia Capital. Sources told TechCrunch the final price could be approximately $200 million.

JUMP Bikes is an electric bike rental service that allows users to pay $2 for every 30 minutes of usage. The bikes allow for regular bike riding, but also an electric pedal-free riding option.

Currently, JUMP operates in Washington D.C. and San Francisco, but Uber’s vision is to launch the startup into a global project, offering its service to cities internationally.

JUMP’s CEO Ryan Rzepecki told TechCrunch that his decision was finalized after realizing Uber could bring his company’s vision to a larger scale quickly as well as Dara Khosrowshahi’s leadership position.

“I had a chance to spend a couple of evenings with him, and really talk through his vision for the business and our vision, and saw a lot of alignment,” Rzepecki told TechCrunch.

"We're committed to bringing together multiple modes of transportation within the Uber app," Khosrowshahi said in a blog post announcing the acquisition."So that you can choose 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.”

Under the agreement, JUMP employees will join Uber’s team but the JUMP will remain as an independent company, said Rzepecki.

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