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.

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Categories: Mobile & Wireless
Countries: Saudi Arabia
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