Uber Freight, Uber’s trucking logistics arm, today reported a $500 million Investment. This investment is led by Greenbriar and now values Uber Frieght at an estimated $3.3 billion.

Uber Freight helps match carriers with shipper loads, using technology to speed up and automate a conventional manual process involving email and phone calls. After its launch in 2017, it has had nearly 65,000 carriers on its network and works with shippers including AB Inbev, Nestle, LG, Niagara Bottling, Heineken, Land O’Lakes and more.

“Uber Freight has developed an creative and successful approach to logistics technology that we believe will be highly scalable in the coming years,” said Michael Weiss, Greenbriar’s managing partner.

“In particular, we believe that carriers and shippers will increasingly be drawn to the comfort and simplicity that Uber Freight provides in a dynamic marketplace.”

Uber Freight has emerged as a rival to Seattle start-up company called Convoy, which also runs a digital platform for shippers and carriers. Convoy was started by former executives from Amazon.

Convoy raised $400 million in valuations of $2.7 billion in November and recently hired former Expedia Group CEO Mark Okerstrom as its new president.

Uber Freight reported an adjusted net revenue of $211 million for its most recent quarter.

Written By IIPMR Team

International Institute for Procurement and Market Research (IIPMR) is a global leader in offering Certifications in Supply Chain, Procurement & Market Research. IIPMR Team comprises of senior executives and ex-employees from Apple, IBM, Walmart, P & G, HP etc. IIPMR has members from 78 Countries that have completed CPP, CSCS, CSCA, CRA, CRE and CRP Certifications.