Uber Freight raises 500 million to strengthen its position in the United States

Par ediallo - 28 October, 2020 - 08:45

Launched in 2017, the Uber Freight platform enables road hauliers to connect directly with companies that need to move their goods in transit. This solution is particularly well suited to the North American market, which consists of small independent owner-drivers.

After refocusing on the North American market, Uber Freight has just raised half a billion dollars with the entry into the capital of the GreenBiar fund, which specializes in logistics investment.
Step back to better jump.

Last month, Uber Freight had decided to sell its European freight exchange business to the German sennder, giving up the idea of developing in a market that is probably more complex than that of the United States.

This turnaround was the sign of a refocusing on the US market, formalized by the announcement of a $500 million fund raising, led by its parent company Uber and the Greenbriar Equity Group, a fund specializing in logistics investments. In a press release published in early October, Uber stated that it remains the majority shareholder of its subsidiary, now valued at $3.3 billion.

"We are delighted to evolve with Greenbriar at our side and to benefit from its in-depth expertise in the simplification of logistics processes. Uber Freight will use these funds to continue to evolve its logistics platform and to offer shippers new technologies to facilitate their supply chains," said Uber in a release.

Little in line with the European market

Launched in 2017, the Uber Freight platform enables road hauliers to connect directly with companies that need to move their goods in transit.

A solution particularly suited to the North American market, consisting of small independent owner-drivers, but not very well suited to the European market, with more intermediaries and already mature in terms of a freight intermediation platform.

In addition to its platform, Uber Freight offers software for carriers and shippers to help them plan their freight, manage their budget and track their goods as simply as a VTC trip. The Uber subsidiary has also entered into several partnerships to integrate its platform with the major TMS in the US market.

GRÉGOIRE HAMON