Uber Freight is the logistics arm of the ride hailing app and has now exceeded a $3 billion valuation.
Uber announced on Friday that Greenbriar Equity Group, a New York-based private private equity firm, has invested $500 million. The new investment brings the valuation to $3.3 billion.
Uber Freight connects independent truck drivers with companies needing large volume shipping. According to the New York Post, Uber will maintain a majority ownership of their Freight arm and will use the new investment to “scale and increase product innovation.”
The $500 million investment also sees managing partners of Greenbriar, Michael Weiss and Jill Raker, join the Uber Freight board of directors.