Uber acquires dockless bike-share startup Jump

Uber acquires dockless bike-share startup Jump

Uber acquires a bike-share company. The ride-hailing company Uber announced that it will acquire Jump, the New York City-based e-bike startup that has been working with Uber for two months on a pilot to integrate bike-sharing options into Uber’s app. Apparently that trial went well because now Jump will become a subsidiary of Uber, and the ride-hailing company will take a leap into a brand new industry, with a different set of challenges and pitfalls.

Jump, founded by Ryan Rzepecki, had raised $11.6 million from investors including Menlo Ventures. Bike services are a more affordable means to complete first- and last-mile trips to Uber’s suite of services. The deal will give Uber users access to Jump services.

Ryan Rzepecki’s dream becoming realistic

Ryan Rzepecki, CEO of Jump bikes said that they are still the same team who are passionate about partnering with cities to increase cycling, but joining Uber presents them with the opportunity to realize their dreams faster and at a much larger scale. Jump will continue to operate in a way that remains true to their roots and they will remain good partners to cities while delivering excellent service to their riders.

Dara Khosrowshahi, CEO of Uber said that Ryan Rzepecki an impressive entrepreneur who has spent the better part of a decade bringing bike-sharing to life across the globe.

Many expect more consolidation in the space as investors place their bets on the winning players. Already, China-based competitor Mobike was acquired by, Meituan Dianping, an on-demand delivery startup for $2.7 billion earlier this month.