On Monday, Uber announced their acquisition of the bright-red bike-rental startup JUMP, owners of the 500+ electric, dockless bicycles scattered through the streets of San Francisco and Washington D.C.
They’re incredibly popular: users are taking between 6 and 7 rides a day.
The premise is simple: instead of owning your own bike, you can find and rent a JUMP bike directly in their app – each one has a built-in GPS. Bikes are scattered across the city, locked to racks, poles, or even trees.
When you’re done riding, park up the bike with the built-in metal bar – another JUMP user will come by and take it soon enough.
This might seem like the next parody-worthy “Silicon Valley innovation,” but race to own the bike-sharing world is very real. The competition already took off years ago in China.