Uber Freight, the ride-hail giant’s logistics arm, is now worth more than $3 billion after a new investment.
Uber said Friday that New York-based private equity firm Greenbriar Equity Group will invest $500 million into the company in a deal that pegs its value at $3.3 billion.
The logistics platform operates as a middle man in the long-haul trucking business by connecting truckers with shippers. Uber will maintain majority ownership of Uber Freight and use the $500 million to scale and increase product innovation.
The unit is now valued at $3.3 billion.
Michael Weiss and Jill Raker, managing partners of Greenbriar, will join Uber Freight’s board, the companies said in a statement.
Uber Freight is not the company’s first business to receive a sizable outside investment. The company’s autonomous driving unit, which has already burned through more than $2.5 billion, last year got a $1 billion investment from a Toyota-led fund. It’s likely to continue raising funds from outside investors as profitability is still years away.
Shares of Uber were down 1.1 percent Friday morning, at $36.75.