Uber buys bike-share app Jump and its dockless e-bikes

Uber buys bike-share app Jump and its dockless e-bikes

Uber buys bike-share app Jump and its dockless e-bikes

No financial details of the transaction have been disclosed in an official capacity, with Bloomberg reporting Uber ended up paying over $100 million for the firm, citing a source with knowledge of the agreement.

Although now only operating in San Francisco and Washington D.C., Jump has stated it intends to expand operations domestically and overseas, with plans for Europe in 2019.

The bike share schemes users can locate and unlock bicycles through their smartphones.

The move pushes Uber closer to its goal of reducing vehicle ownership, according to CEO Dara Khosrowshahi in a blog post.

Electric: Biking the hills of San Francisco (or the bridges of Brooklyn) can be a pain, but electric bicycles have their own, electric motors to use in those situations. "At our core, we are still the same team that is passionate about partnering with cities to increase cycling, but joining Uber presents us with the opportunity to realise our dreams faster and at a much larger scale".

Launched in 2010, Jump picked up momentum recently with the launch of a fleet of 250 dockless, pedal-assist bikes in San Francisco, as well as a funding round that raised $10 million, bringing its total financing to $11.1 million.

The move puts Uber into the bicycle business in a big way as Jump reports it has more than 12,000 bicycles in 40 cities across six countries in 2017. Dockless bikes have appeared in many other cities and, as riders can leave them anywhere, challenge the likes of London's Santander Cycles or New York's Citi Bikes which must be returned to designated docks.

More news: Aussie sisters reunite with Prince Charles

Bike sharing is a booming market crowded with ambitious startups.

I'm excited to announce that JUMP Bikes will be joining Uber.

In its early, unregulated days as a ride-hailing company, Uber introduced itself by simply showing up in major American cities.

"Rolling out potentially hundreds of bikeshare programs across the US will require hundreds of millions of dollars in capital", said SOSV partner Brad Higgins, who was an early investor in Jump Bikes.

The EU's top court on Tuesday dealt another blow to U.S. taxi hailing giant Uber by backing the right of France and other member states to ban an illegal taxi service without notifying Brussels regulators. He also felt comfortable that new Uber CEO Dara Khosrowshahi was taking the controversial company in the "right direction" and that overall the companies' missions were aligned.

It relates to the use of unlicensed drivers as part of the UberPOP service, which has been suspended in France and in several other places.

Uber, which allows users to summon a ride through an app on their smartphones, has roiled the traditional taxi industry since it launched in Europe in 2011, triggering protests and clashes with local authorities. Both Uber and Jump work on a similar product, and it makes sense for them to collaborate on sustainable public transport.

Related news