Uber Freight Raises $500 Million From Logistics Specialist

Uber (NYSE: UBER) announced today that its freight platform has received a $500 million investment from an investor group led by Greenbriar Equity Group. The investment values Uber Freight at $3.3 billion.  Uber will keep majority control of Uber Freight, and said in a statement that it plans to use […]

Uber (NYSE: UBER) announced today that its freight platform has received a $500 million investment from an investor group led by Greenbriar Equity Group. The investment values Uber Freight at $3.3 billion. 

Uber will keep majority control of Uber Freight, and said in a statement that it plans to use the investment to continue to scale up the logistics platform and provide its shippers with “technology to power their supply chains.” 

semis driving down a highway at sunset

Image source: Getty Images.

Greenbriar Equity Group has more than $4 billion in invested capital, and specializes in the transportation sector, including logistics, distribution, vehicle aftermarket support, and aerospace. In connection with the investment, two Greenbriar managing partners will join Uber Freight’s board of directors. 

The investment firm says it typically partners with existing management teams, and will utilize its experience in logistics as well as its current network of operating partners to support “management’s vision for growth.” 

Uber launched its freight platform in 2017, seeking to provide services for both shippers and carriers, to simplify the movement of goods. Uber Freight says that carriers can book loads in the same easy way that people book Uber rides. Its technology also allows shippers the ability to easily plan, budget, and track shipments.

The investment comes in the form of preferred stock. Greenbriar managing partner Michael Weiss said that he believes Uber Freight provides convenience and simplicity that shippers and carriers will take advantage of in a complex marketplace.

10 stocks we like better than Uber Technologies
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the ten best stocks for investors to buy right now… and Uber Technologies wasn’t one of them! That’s right — they think these 10 stocks are even better buys.

See the 10 stocks

 

*Stock Advisor returns as of September 24, 2020

 

Howard Smith has no position in any of the stocks mentioned. The Motley Fool recommends Uber Technologies. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

Next Post

URC Launches New Website/Consumer Marketing Platform at CEDIA

URC, a global smart home automation and control for residential and commercial applications manufacturer, has announced the launch of a new website (www.urc-automation.com) to engage consumers and continue to serve its exclusive dealer network. Celebrating a tradition of innovation and a future of growth, URC highlights the evolution of its […]