Uber Said to Hold Talks on $500 Million Freight-Unit Investment
Uber Technologies Inc. is in talks with investors interested in taking a stake in its Uber Freight division, according to people with knowledge of the matter.
The San Francisco-based company, led by Dara Khosrowshahi, held discussions to raise $500 million in a funding round that would give its freight business a standalone valuation of about $4 billion after the deal, said one person, who requested anonymity because the talks are private. No transaction has been finalized, and the terms could change.“While it’s not unusual for us to receive interest for investment in Uber Freight, we are not able to comment on rumors about these discussions,” said an Uber spokesman.Launched in 2017 and led by Lior Ron, Uber Freight operates as a broker, connecting truck drivers with shipping companies and competing against the likes of DHL International and C.H. Robinson Worldwide Inc. Like Uber’s autonomous driving group, Uber Freight is a standalone subsidiary owned by Uber, with its financial performance reported each quarter as part of its parent company’s filings.The division increased revenue 57% to $199 million during the first quarter. It widened its losses for the same period to $64 million, a 121% increase....
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