Social Bicycles, now officially known as Jump Bikes, has just closed a $10 million Series A round led by Menlo Ventures with participation from Sinewave Ventures, Esther Dyson and others.
“At Menlo Ventures, our investment team supports entrepreneurs who are on a mission to change the world—including, how consumers move through it,” Menlo Ventures Managing Director Shawn Carolan said in a statement. “Our 2011 investment in Uber taught us important lessons about the challenges and possibilities for urban mobility technology. Menlo is proud to partner with JUMP, and we believe their dockless e-bike network will be a critical piece of the puzzle.”
Jump, which makes pedal-assist e-bikes that don’t require docking stations, plans to use the funding to enter new markets, make additional hires and build on its existing hardware and software products.
This comes just a few days after the company became the first stationless bicycle service to receive a permit to launch in San Francisco. Last week, Jump received a permit from the San Francisco Municipal Transportation Agency to launch 250 dockless electric bikes in San Francisco sometime between now and the end of March.
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