Thursday, August 23, 2018

"Uber Freight on $500 million revenue run-rate"

From FreightWaves, Aug 22:
https://static1.squarespace.com/static/5899e78b1b10e35238fba886/t/5b7ddf574fa51a23e9f4e91a/1534975837908/UberFreight.jpg?format=1000w
Uber Freight has been getting a lot of attention over the past six weeks. First, the announcement that Uber's Autonomous trucking unit was being separated from the Uber Freight operations, then the return of Otto founder Lior Ron and the establishment of Uber Freight as an independent business unit, to the launch of their platform for shippers that FreightWaves reported on yesterday.

Now reports out of Silicon Valley's insider newsletter, The Information, are showing the pure scale of Uber Freight in the market. According to a post on the site, Uber Freight is running at a $40 million a month gross revenue run-rate.

Our market sources have told us that Uber Freight has doubled revenues in 2018 and could potentially double over the next six months, making Uber Freight one of the largest freight brokers in the market. The business is losing money as it scales up and is expected to do so for the foreseeable future. Uber principals have told FreightWaves Uber plans to double the investment in their freight operations over next year. An investment of that magnitude could further accelerate the momentum of the freight brokerage.....MORE