- Uber Technologies announced it has raised $500 million from private equity firm Greenbriar Equity Group. These are the details.
Uber Technologies announced it has raised $500 million from private equity firm Greenbriar Equity Group for its logistics arm Uber Freight. This deal reportedly values the unit at $3.3 billion on a post-money basis, according to CNBC.
The majority ownership of Uber Freight will continue to be Uber Technologies. And the funds would be used for scaling its logistics platform and increase product innovation. Uber Freight works as a middle man in the long-haul trucking business, which connects truckers with shippers.
Going forward, Michael Weiss and Jill Raker (managing partners of Greenbriar) will join Uber Freight’s board.
Key Quotes:
“We are tremendously proud of what we have accomplished in a few short years. 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. We are thrilled to be moving into the next chapter with Greenbriar by our side as a partner with deep expertise and a shared passion for simplifying logistics. We will continue to leverage Uber’s leading marketplace technology, global reach, and cross-platform capabilities to accelerate our growth and continue to lead the industry forward.”
– Lior Ron, Head of Uber Freight
“We are excited to support Uber Freight in the next stage of its development with both our financial investment and our industry-leading experience in logistics. Uber Freight has created an innovative and effective approach to logistics technology that we believe is highly scalable in the coming years. In particular, we believe that carriers and shippers will be increasingly attracted to the convenience and simplicity that Uber Freight offers in a complex marketplace. We are eager to share the extensive knowledge and expertise we have built through our decades-long involvement in the logistics sector.”
– Michael Weiss, a Managing Partner of Greenbriar
