Lime has revealed that it has raised a$170 million funding round. Uber is the leading financier with existing investors Alphabet, Bain Capital Ventures, GV and others also taking part. The Info Reported on the brand-new funding round prior to the

official statement. As part of the offer, Lime is also acquiring Uber’s micromobility subsidiary Jump. There will be more integrations in between Uber and Jump in the future, however both apps will stay active in the meantime. It’s still unclear whether you’re going to be able to unlock Lime electrical scooters in the Uber app, and Dive scooters and electrical bikes in the Lime app.

“We’re glad that our customers will continue to have access to bikes and scooters in both our apps due to the fact that we believe micro-mobility is an important part of the city landscape, now more than ever,” Uber CEO Dara Khosrowshahi stated in the press release.

The other day, Uber revealed a massive round of layoffs. Around 14%of the business have actually been laid off– it represents 3,700 workers. Cuts come mainly from neighborhood operations, recruiting and Greenlight hubs, the company’s in-person aid centers for chauffeurs. Uber Consumes is likewise taking out of seven markets around the world.

Uber is trying to cut expenses as usage has been plummeting due to the COVID-19 pandemic and lockdowns worldwide. With today’s offer, the company is also going to save on operating costs as Jump staff members shift from Uber to Lime.

On April 30, Lime also laid off 13%of its workforce, representing about 80 staff members. “Nearly over night, our company went from being on the eve of accomplishing an extraordinary milestone– the first next-generation micro-mobility business to reach profitability– to one where we needed to stop briefly operations in 99% of our markets worldwide to support cities’ efforts at social distancing. Needless to say, while we believed we had actually planned for all possibilities this year, we did not expect an international pandemic,” the business’s CEO

composed at the time. According to The Info’s report, Lime’s evaluation is down 79 %to$510 million with this round. In April 2019, Lime raised at a$2.4 billion evaluation.

In other news, Lime has a brand-new chief executive officer– Wayne Ting is getting a promotion as he signed up with Lime in October 2018 as International Head of Operations and Strategy.

In 2015, Lime co-founder Toby Sun stepped down from the CEO role. Brad Bao, another co-founder of the business, presumed chief responsibilities. Following today’s news, Bao will stay chairman of the board with Sun handling the CEO position.

Uber’s stock is presently trading up 6.61% compared to the other day’s closing cost throughout pre-market trading.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.