Uber on Friday said an investment group led by Greenbriar Equity is pumping $500 million into its trucking unit.
The preferred stock financing values Uber Freight at $3.3 billion, and comes as the San Francisco-based company’s core ride-sharing service is stalled due to the pandemic.
Uber Freight matches truckers to shippers in much the way the ride service connects passengers with drivers in the so-called on-demand economy.
While Uber’s ride service has suffered due to people hunkering down or being reluctant to get into cars with strangers due to Covid-19 risk, the freight unit, which launched in 2017, has grown.
“We have led the industry with technology, transforming dated and analog processes to ensure that both shippers and carriers are equipped to succeed in a rapidly changing industry,” said Uber Freight chief Lior Ron.
Uber said it will retain a majority stake in Freight, using the money to expand the
The ride-hailing app’s future in its biggest European market hinges on whether Deputy Chief Magistrate Tan Ikram finds it “fit and proper” to operate in the capital. If he does, Transport for London and Uber will negotiate a license, and the judge will have to approve the length. If it loses, Uber can continue