Uber Technologies and Greenbriar Equity Group, a New York-based investment firm, announced that an investor group led by Greenbriar has committed to invest $500 million in a Series A preferred stock financing for Uber Freight, valuing the unit at $3.3 billion on a post-money basis. 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.
In connection with the investment, Michael Weiss and Jill Raker, managing partners of Greenbriar, will join the Uber Freight Board of Directors. With a combination of more than 40 years of investing experience in logistics, Weiss and Raker have been involved in many investments across the space, and will draw on the counsel of the firm’s investment team and network of operating partners.
“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 central operations at Uber Freight. “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.”
Uber Freight launched in 2017, and since then, the company said it has built digitally enabled carrier networks and transformed logistics management for thousands of shippers. Uber Freight’s driver-first carrier tools enable trucking companies and their drivers to book loads 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 plan, budget, tender, and track their 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,” said Weiss. “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.”
