Uber (NYSE:UBER) announced today that its freight platform has received a $500 million investment from an investor group led by Greenbriar Equity Group. The investment values Uber Freight at $3.3 billion.
Uber will keep majority control of Uber Freight, and said in a statement that it plans to use the investment to continue to scale up the logistics platform and provide its shippers with "technology to power their supply chains."
Greenbriar Equity Group has more than $4 billion in invested capital, and specializes in the transportation sector, including logistics, distribution, vehicle aftermarket support, and aerospace. In connection with the investment, two Greenbriar managing partners will join Uber Freight's board of directors.
The investment firm says it typically partners with existing management teams, and will utilize its experience in logistics as well as its current network of operating partners to support "management's vision for growth."
Uber launched its freight platform in 2017, seeking to provide services for both shippers and carriers, to simplify the movement of goods. Uber Freight says that carriers can book loads in the same easy way that people book Uber rides. Its technology also allows shippers the ability to easily plan, budget, and track shipments.
The investment comes in the form of preferred stock. Greenbriar managing partner Michael Weiss said that he believes Uber Freight provides convenience and simplicity that shippers and carriers will take advantage of in a complex marketplace.