Thursday June 02, 2016

Uber Raises $3.5B From Saudi Arabia

I don't know what a "sovereign wealth fund" is but it just handed over $3.5 billion to Uber. As part of the deal, a managing director at the Saudi fund will get a seat on Uber's board.

The investment from the Saudi Arabian Public Investment Fund was part of Uber's most recent financing round that valued the company at $62.5 billion, Uber said, making it the most highly valued venture capital-backed company in the world. In a written statement, Uber co-founder and Chief Executive Officer Travis Kalanick called the investment a "vote of confidence in our business."