Series A investment by Greenbriar will
accelerate Uber Freight’s broad market adoption and expand
reach
Uber Technologies, Inc. (NYSE: UBER) and Greenbriar Equity
Group, L.P. (Greenbriar), a New York-based investment firm and one
of the leading investors in the logistics space, announced today
that an investor group led by Greenbriar has committed to invest
$500 million in a Series A preferred stock financing for Uber
Freight, the logistics arm of Uber, valuing the unit at $3.3
billion on a post-money basis. Uber will maintain majority
ownership in Uber Freight and will use the funds to continue to
scale its logistics platform and accelerate product innovation to
equip shippers with technology to power their supply chains.
In connection with the investment, Michael Weiss and Jill Raker,
Managing Partners of Greenbriar, will join the Uber Freight Board
of Directors. With a combination of more than 40 years of investing
experience in logistics, Mr. Weiss and Ms. Raker have been actively
involved in many successful investments across the space, and will
additionally draw on the counsel of the firm’s investment team and
highly regarded network of operating partners in support of
management’s vision for growth.
Uber Freight launched in 2017 with a mission to simplify the
movement of goods to help communities thrive. Since then, the
company has built one of the world’s largest digitally enabled
carrier networks and transformed logistics management for thousands
of shippers. Uber Freight’s driver-first carrier tools enable
trucking companies and their drivers to book loads as seamlessly as
they would book an Uber ride, while the company’s suite of
on-demand logistics solutions, APIs, and software integrations
provide shippers with the ability to seamlessly plan, budget,
tender, and track their freight, no matter their procurement needs.
During the early days of the COVID-19 pandemic, Uber Freight was
able to leverage its technology to effectively and efficiently
rebalance supply and demand and keep businesses moving and shelves
stocked with essential goods.
“We are tremendously proud of what we have accomplished in a few
short years. We have led the industry with technology, transforming
dated and analog processes to ensure that both shippers and
carriers are equipped to succeed in a rapidly changing industry,”
said Lior Ron, Head of Uber Freight. “We are thrilled to be moving
into the next chapter with Greenbriar by our side as a partner with
deep expertise and a shared passion for simplifying logistics. We
will continue to leverage Uber’s leading marketplace technology,
global reach, and cross-platform capabilities to accelerate our
growth and continue to lead the industry forward.”
“We are excited to support Uber Freight in the next stage of its
development with both our financial investment and our
industry-leading experience in logistics,” said Michael Weiss, a
Managing Partner of Greenbriar. “Uber Freight has created an
innovative and effective approach to logistics technology that we
believe is highly scalable in the coming years. In particular, we
believe that carriers and shippers will be increasingly attracted
to the convenience and simplicity that Uber Freight offers in a
complex marketplace. We are eager to share the extensive knowledge
and expertise we have built through our decades-long involvement in
the logistics sector.”
The Series A funding comes on the heels of several months of
significant momentum for Uber Freight. Alongside signing new API
integration partnerships with some of the largest cloud TMS
providers, including SAP, Blue Yonder, BluJay, MercuryGate, and
Oracle, Uber Freight also expanded its enterprise software offering
with the launch of Uber Freight Enterprise and Uber Freight Link,
both of which put Uber’s technical power directly into the hands of
large shippers and provide a central point of control for logistics
operations. Carriers in the Uber Freight network were able to
utilize new load bundling technology to reduce deadhead by as much
as 23% as well as take advantage of dedicated lanes, a feature that
lets carriers lock in regular loads across 1,000-plus lanes and
plan their operations up to 3 months in advance, giving them more
flexibility and time to focus on running their business.
The initial closing of the transaction is expected to occur in
October 2020, subject to customary closing conditions.
About Uber Freight
Uber Freight is a logistics platform built on the power of Uber
with the goal to reshape global logistics and deliver reliability,
flexibility and transparency for shippers and carriers. Since
launching in 2017, Uber Freight has built one of the world’s
largest digitally enabled carrier networks and transformed
entrenched practices around pricing and booking freight to reduce
inefficiencies and increase opportunities for business growth and
industry collaboration. Today, the business counts nearly 65,000
carriers in its network and thousands of shippers as customers,
from small businesses to Fortune 500 companies, including AB Inbev,
Nestle, LG, Niagara Bottling, Heineken, Land O’Lakes and many
more.
About Greenbriar
Founded in 1999, Greenbriar Equity Group is a private equity
firm with over $4 billion of committed capital focused on
investments in market-leading services and manufacturing businesses
in partnership with proven management teams. Greenbriar looks to
identify companies capitalizing on strong long-term growth
prospects that can benefit from Greenbriar's industry knowledge,
operating capabilities, network of senior executive relationships,
strategic insight and access to capital. Greenbriar focuses on
investments in both business services and advanced manufacturing
across the logistics, distribution, aerospace and defense,
specialty industrial, transportation and related sub-sectors.
Forward-Looking Statements
This communication contains forward-looking statements regarding
Uber Technologies, Inc.’s (“Uber,” “we” or “our”) future business
expectations which involve risks and uncertainties. Actual results
may differ materially from the results predicted, and reported
results should not be considered as an indication of future
performance. Forward-looking statements include all statements that
are not historical facts and can be identified by terms such as
“anticipate,” “believe,” “contemplate,” “continue,” “could,”
“estimate,” “expect,” “hope,” “intend,” “may,” “might,”
“objective,” “ongoing,” “plan,” “potential,” “predict,” “project,”
“should,” “target,” “will,” or “would” or similar expressions and
the negatives of those terms. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. These risks, uncertainties and other factors relate to,
among other things: the pending Series A financing of Uber Freight,
including the failure to satisfy any of the closing conditions to
the proposed transaction on a timely basis or at all; and Uber
Freight’s ability to grow its business and market adoption. For
additional information on other potential risks and uncertainties
that could cause actual results to differ from the results
predicted, please see our Annual Report on Form 10-K for the year
ended December 31, 2019 and subsequent Form 10-Qs or Form 8-Ks
filed with the Securities and Exchange Commission. All information
provided in this communication is as of the date of this
communication and any forward-looking statements contained herein
are based on assumptions that we believe to be reasonable, and
information available to us, as of such date. We undertake no duty
to update this information unless required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201002005102/en/
For Uber: press@uber.com
For Greenbriar Equity Group, L.P.: Mark Semer or Nathan Riggs
(Kekst CNC) (917) 439-3507 or (917) 574-8583
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