Do you know Uber has a crush on someone? And Uber is trying to impress his crush by raising a huge amount of funds.
Uber Freight has just raised 500 million dollars in a new financing transaction by a group of investors approached by Greenbriar Equity Group. The subsidiary of the American company Uber had, however, been forgotten in recent weeks. Uber had turned back to the idea of deploying its service in Europe, where it had yet formalized an arrival since last year and until last July.
Uber has, however, found a new component in the mobility business. Like its VTC platform, Uber Freight wants to connect companies that need logistical transport to transport stocks. Rather than bringing in companies, Uber’s strategy targets independent truck drivers.
Its platform started in Texas in 2017, then rolled out across the United States. Today, Uber seems to be investing for a long term future, as the market does not yet seem ready to welcome the industry, an industry of independent drivers in logistics.
A long-term strategy, still incompatible with Europe
The arrival of this financing operation confirms that Uber does not wish to abandon its project. But for the time being, its feasibility remains incompatible with the European market where truckers are mainly attached internally to companies. In the United States, the operation is different, but it is still early to know if the profession will continue to evolve towards a model surrounded by independent workers.
New York-based Greenbriar will join the branch’s board of directors by adding two members. As reported by the Wall Street Journal, the director of Uber Freight was congratulated by confirming that the project did not count on a short-term return: “This significant declaration of commitment clearly indicates that we are there for the long term “.
Despite the resources that the subsidiary will ask Uber for its development, the fact remains that it was already making its place in the revenues received by the parent company during the second quarter of 2020 – a quarter however far from easy for Uber. Its revenue of $ 211 million allowed Uber Freight to account for 9.4% of Uber’s total revenue for the quarter. As for its growth, compared to last year, the subsidiary announced an increase of 27%.
The new money raised will allow the platform’s tools to be deepened, whether it be real-time monitoring and supply chain management. To be continued to find out if potential international deployments will be considered for the subsidiary.