Investment firm Greenbriar Equity Group agreed on Friday to provide $500m in series A financing for US-based on-demand ride provider Uber’s freight services subsidiary.
The deal will value Uber Freight at $3.3bn post-money and Greenbriar managing partners Michael Weiss and Jill Rake will join the spinoff’s board of directors.
Launched by Uber in 2017, Uber Freight is a mobile app that enables shippers to connect to truckers and other carriers in order to streamline their shipment activities.
The service involves automated upfront pricing, and Uber’s load bundling technology allows carriers to organise their loads efficiently. The series A capital will support product development and the expansion of the platform.
Lior Ron, head of Uber Freight, said: “We are tremendously proud of what we have accomplished in a few short years. We have led the industry with technology, transforming dated and analogue 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.”
