Uber has announced it has sold a $500 million stake in its Uber Freight logistics business to New York-based private equity firm Greenbriar Equity Group.
Uber will retain majority ownership of Uber Freight.
The investment values the logistics arm of the company at $3.3 billion on a post-money basis.
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(Reuters) – Uber Technologies Inc said on Friday New York-based private equity firm Greenbriar Equity Group would invest $500 million in its logistics arm, Uber Freight, valuing the unit at $3.3 billion on a post-money basis.
The ride-hailing firm said it would maintain majority ownership of Uber Freight, and use the funds to scale its logistics platform and increase product innovation.
Unlike Uber’s ride-hailing app or its food-delivery service, Uber Freight operates as a middle man in the fragmented long-haul trucking business, connecting truckers with shippers.
Michael Weiss and Jill Raker, managing partners of
Series A investment by Greenbriar will accelerate Uber Freight’s broad market adoption and expand reach
Uber Technologies, Inc. (NYSE: UBER) and Greenbriar Equity Group, L.P. (Greenbriar), a New York-based investment firm and one of the leading investors in the logistics space, announced today that an investor group led by Greenbriar has committed to invest $500 million in a Series A preferred stock financing for Uber Freight, the logistics arm of Uber, valuing the unit at $3.3 billion on a post-money basis. Uber will maintain majority ownership in Uber Freight and will use the funds to continue to scale its logistics platform and accelerate product innovation to equip shippers with technology to power their supply chains.
In connection with the investment, Michael Weiss and Jill Raker, Managing Partners of Greenbriar, will join the Uber Freight Board of Directors. With a combination of more than 40 years of investing experience in logistics,