- 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 Greenbriar, will join Uber Freight’s board, the companies said in a statement.
(Reporting by Ayanti Bera in Bengaluru; Editing by Aditya Soni)
Axel Springer, Insider Inc.’s parent company, is an investor in Uber.