May 7 (UPI) -- Scooter company Lime announced Thursday that ride-hailing company Uber is a lead partner in a new $170 million investment.
The funding is part of Uber's plans to fold its electric bike and scooter division into Lime.
Wayne Ting, Lime's global head of operations, will replace Brad Bao as CEO and Bao will stay as board chairman.
"We have built Lime into the world's leading micro-mobility company that is changing the way millions of people get around their cities," Ting said in a statement.
"Micro-mobility will be vital to the new world affected by COVID-19 and we are already seeing this as cities begin to move again."
Uber, which already owns a minority stake in Lime, said Wednesday it plans to lay off 3,700 workers due to the economic impact of the coronavirus pandemic.
"Lime has the operational expertise and undivided focus needed to build a scaled, sustainable micro-mobility business," Uber CEO Dara Khosrowshahi said. "We're glad that our customers will continue to have access to bikes and scooters in both our apps because we believe micro-mobility is a critical part of the urban landscape, now more than ever."
Uber had planned to downgrade Lime's valuation to $510 million, off about 80 percent from its previous valuation.