Uber Makes a Bet on Bike-Sharing With JUMP Bikes Buy

Uber is expanding out its business to include bide-sharing with its recent acquisition of JUMP Bikes.

Uber Makes a Bet on Bike-Sharing With JUMP Bikes Buy

Source: via Uber

JUMP Bikes is a service similar to Uber that allows users to borrow pedal assist electric bikes. The service currently operates in the Washington D.C. and San Francisco areas. The ride-sharing company started allowing its users to use bikes from the service in February.

JUMP Bikes allows users to rent its rides for $2 for the first half hour. After this, the service charges customers an extra 7 cents per minute. Users locate bikes from the service via a smartphone app. Once a person is done with the bike, they simply have to leave it at a nearby bike rack, or other similar location.

Now Uber is acquiring JUMP Bikes to better take advantage of the bike-sharing services business. This will undoubtedly allowing it to offer more ride-sharing options through its app and will help expand the service.

“We’re excited to begin our next chapter and to play a significant part in the transition of Uber to a multi-modal platform,” Ryan Rzepecki, founder of JUMP bikes, said in a blog post. “Combining JUMP’s track record of product innovation and city partnerships with Uber’s scale, operational excellence, and resources will allow us to make a global impact faster than if we were to pursue our vision alone.”

The finer details of the deal, such as how much Uber paid to acquire JUMP Bikes, are still unknown.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2018/04/uber-buys-jump-bikes/.

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