0
Wireless

Uber raises USD 3.5 bln from Saudi sovereign wealth fund

Friday 3 June 2016 | 09:25 CET | News
US lift-hailing service Uber has raised USD 3.5 billion from Saudi Arabia's sovereign wealth fund, gaining a crucial partner in its expansion into the Middle East, Reuters reported. The investment from the Saudi Arabian Public Investment Fund was part of Uber's most recent financing round that valued the company at USD 62.5 billion, making it the most highly valued venture capital-backed company in the world. Uber co-founder and CEO Travis Kalanick called the investment a vote of confidence in its business.

Thank you for visiting Telecompaper

Sign up below to get access to the rest of this article and all the telecom news you need.

  • Register free and gain access to even more articles from Telecompaper. Register here
  • Subscribe and get unlimited access to Telecompaper’s full coverage, with a customised choice of news, commentary, research and alerts.

Subscriptions

Already registered?



Categories: Mobile & Wireless
Countries: Saudi Arabia
::: add a comment

Add comment

Please login or register to leave a comment.

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


Related

Safaricom's Little Cab enters price war with Uber

Published 30 Jun 2016 10:57 CET | Kenya
Safaricom-backed online taxi-hailing app Little Cab has sparked a price war with rivals Uber and Mondo Ride by setting lower ...

Safaricom to launch local rival to Uber

Published 10 Jun 2016 11:23 CET | Kenya
Kenyan operator Safaricom is joining up with a local software firm to launch a lift-hailing company to take on Uber as it seeks ...

Uber launches in Uganda

Published 03 Jun 2016 09:18 CET | Uganda
Uber Technologies has launched its services in Uganda, with Kampala joining the list of places in Africa where the taxi app ...

Uber to test driverless cars in Pittsburgh

Published 20 May 2016 15:22 CET | United States
Transportation network company Uber will start testing driverless cars in Pittsburgh in the coming weeks, the company announced ...

Alphabet start pilot met Uber-concurrent

Published 17 May 2016 14:38 CET | United States
Google-moederbedrijf Alphabet is begonnen met een pilot waarbij mensen via een app autoritten bij elkaar kunnen bestellen. Het ...