The logistics arm of Uber, Uber Freight, is raising $500 million in a Series A funding. The preferred stock financing by an investor group led by Greenbriar will be valuing the unit at $3.3 billion on a post-money basis.
Greenbriar Equity Group is a New York-based investment firm and one of the leading investors in the logistics space. In connection with the investment, Michael Weiss and Jill Raker, Managing Partners of Greenbriar, will join the Uber Freight Board of Directors.
In a company announcement, Uber said it 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. Its 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.
