UBER FREIGHT RAISES $500M IN FUNDING
Series A investment by Greenbriar will accelerate Uber Freight’s broad market adoption and expand reach
Uber Technologies, Inc. and Greenbriar Equity Group, 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.
“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,” said Michael Weiss, a Managing Partner of Greenbriar.
He adds, “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.”
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.
Uber Freight launched in 2017 with a mission to simplify the movement of goods to help communities thrive. Since then, the company has built one of the world’s largest digitally enabled carrier networks and transformed logistics management for thousands of shippers.
“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,” said Lior Ron, Head of Uber Freight.
Uber Freight’s driver-first carrier tools enable trucking companies and their drivers to book loads as seamlessly as they would book an Uber ride, while the company’s suite of on-demand logistics solutions, APIs, and software integrations provide shippers with the ability to seamlessly plan, budget, tender, and track their freight, no matter their procurement needs.
During the early days of the COVID-19 pandemic, Uber Freight was able to leverage its technology to effectively and efficiently rebalance supply and demand and keep businesses moving and shelves stocked with essential goods.
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