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Technology Stocks : Uber Technologies and Lyft Inc. IPOs

UBER 92.75

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Nov 5 3:59 PM EST

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From: Glenn Petersen	10/2/2020 8:47:52 AM
	of 266

Uber Freight raises $500 mln, valuation rises to $3.3 billion By Reuters Staff October 2, 2020 (Reuters) - Uber Technologies Inc UBER.N 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 reuters.com

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