Lime announced a new $170 million funding round led by Uber, the scooter company announced on Thursday. Alphabet’s venture arm GV and Bain Capital also participated in the round, Lime said.
As part of the deal, Lime will acquire Uber’s bike and scooter business, Jump. The scooter-sharing company’s CEO, Brad Bao, will be replaced by global operations head (and former chief of staff to Uber CEO Dara Khosrowshahi) Wayne Ting. Bao will continue as chair of Lime’s board.
The news of the funding round was first reported by The Information, which also noted that the deal would value Lime at $510 million, a 79 percent drop from its previous valuation.