Lime's new CEO Wayne Ting, who replaces co-founder Brad Bao, talks about Uber-led $170M investment, consolidating assets from Jump, and weathering the pandemic
Lime is receiving a much-need cash infusion from Uber and other investors as the scooter company attempts to reset its business amid the coronavirus pandemic.
ProtocolBiz Carson
Context & Ripple Effects
Lime has spent two years cycling through leadership and shrinking valuations: co-founder Brad Bao took the CEO seat from Toby Sun in the 2019 leadership shuffle, and the company that raised at a $1.1B valuation in 2018 was reportedly negotiating this round at just $510M — a 79% markdown. Now Bao hands the top job to Wayne Ting as the Uber-led $170M infusion closes, with Uber folding its Jump scooter division into Lime and taking an option to buy the company outright between 2022 and 2024.
First-order effects
Wayne Ting inherits a company whose balance sheet now depends on Uber: the $170M keeps Lime solvent through the pandemic collapse in ridership, but Jump's assets arriving under Lime's roof means Ting must integrate a rival fleet rather than compete with one.
Second-order effects
Uber's option to acquire Lime by 2022-2024 converts every operational decision Ting makes into a due-diligence question for Uber — competitors like Bird face a rival that can be absorbed into Uber's app distribution channel, which Uber has promoted Lime through since 2018.
Third-order effects
If the pattern holds, micromobility consolidates around ride-hailing platforms as holding companies: independent scooter operators either take deep down-rounds with platform options attached or exit, leaving Uber-style apps as the default gatekeepers of shared-street fleets.
The trend: Micromobility is consolidating under ride-hailing platforms, with pandemic-era down rounds converting independent scooter companies into acquisition targets of their largest investors.
We're excited about this next phase for Lime, led by our new CEO Wayne Ting! As Wayne points out in @protocol, micromobility is more important now than ever before, and today's news strengthens our ability to support cities and our riders. https://www.protocol.com/...
Through our 10yr friendship, I've come to place @wayneting in that rare air category - the smartest guy I now AND one of the most caring. Couldn't be more confident @limebike has the leader it needs. Congrats, buddy. https://www.li.me/...
Uber, Lyft and now Lime say people will choose rides or scooters as a safer transit option when we go back outside. This seems to ignore that we're all gonna be broke and public transit is cheaper. Do you think you'll Uber/scoot more in the After Times? https://www.protocol.com/.…
I talked to Lime's new CEO @wayneting earlier today: “This gives us a chance to fight back to whatever valuation happened before.” He's ready to double down on Lime's international markets following the $170 million from Uber and others https://www.protocol.com/...
It's official: as @Amir reported last week Uber is leading $170M funding round in Lime. As part of the deal, Lime will absorb the operation of Uber's JUMP bikes and scooters. And Wayne Ting (Lime VP of global ops) replaces Brad Bao as CEO of Lime. https://www.li.me/...
Big news! Today, Lime just became the largest micromobility player in the world by acquiring JUMP's business. Uber is leading a $170 million dollar investment round. More here: https://www.li.me/... https://twitter.com/...
As part of the deal, Lime will take over Uber's bike/scooter business under a new CEO. Uber and Lime apps will integrate so you can book scooters/bikes in either app. https://www.cnbc.com/...
Lime confirms Uber led a $170 million investment round in the scooter-sharing firm. Not disclosing valuation, however reports indicate a roughly 80% drop from its last market value. More here from @lauren_feiner: https://www.cnbc.com/...
Uber is handing off its entire JUMP bikes/scooters division to Lime? As people look to avoid public transit/cabs, this feels... shortsighted https://www.cnbc.com/...