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Uber Raises $500M Funding for Freight Unit From Greenbriar

Zacks Equity Research
·2 min read

Uber Technologies Inc UBER recently announced that an investor group led by Greenbriar Equity Group, L.P., a New York-based private equity firm, will invest $500 million in a Series A preferred stock financing for Uber Freight, the company’s logistics arm. The deal values Uber Freight at $3.3 billion on a post-money basis.

With regards to the investment, Michael Weiss and Jill Raker, managing partners of Greenbriar, will join the Uber Freight Board. However, Uber will still have a majority ownership in Uber Freight. It plans to use the investment to scale its logistics platform and ramp up product innovation and provide shippers with “technology to power their supply chains.” Subject to customary closing conditions, the transaction is expected to close this month itself.

Uber Freight was launched in 2017 to facilitate the movement of goods and help communities thrive. Similar to booking an Uber ride, Uber Freight’s driver-first carrier tools allow trucking companies and their drivers to book loads. Meanwhile, Uber Freight’s suite of on-demand logistics solutions, APIs, and software integrations offers shippers seamless planning, budgeting, tendering and tracking of freight, regardless of their procurement needs.

Zacks Rank & Key Picks

Uber carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Internet - Services industry are Autohome Inc ATHM, Crexendo Inc CXDO and Etsy Inc ETSY, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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