Uber sells $500M stake in its freight business as the ride-hailing giant works to conserve cash

One year ago, Uber’s business model could be categorized as an “all of the above approach,” a strategy to generate revenue from all forms of transportation, including ride-hailing, micromobility, logistics, and package and food delivery.

The COVID-19 pandemic upended that business strategy prompting Uber to offload its shared micromobility unit Jump, double down on delivery with its acquisition of Postmates, and now, to sell a stake in its growing, but still unprofitable logistics arm Uber Freight.

Uber said Friday that an investor group led by New York-based investment firm Greenbriar Equity Group has committed to invest $500 million in a Series A preferred stock financing for Uber Freight . The deal values the unit at $3.3 billion on a post-money basis. Greenbriar managing partners Michael Weiss and Jill Raker will join the Uber Freight board. Uber didn’t name the other investors.

Uber said it will maintain majority ownership in Uber

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