Uber Technologies is looking for investor to save loss-making Uber Freight

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Uber Technologies is looking for investor to save loss-making Uber Freight

The San Francisco-based company, led by Dara Khosrowshahi, is in talks to raise $ 500 million from an outside investor for digital freight forwarding platform Uber Freight. After such an injection, Uber Freight would be worth about $ 4 billion, according to an anonymous source quoted by American site marketrealist.com. So far, no transaction has been finalized and the terms are subject to change. An Uber spokesman declined to comment on the news.

It is known, however, that Uber Freight is still losing money since the very beginning of its operations in 2017. Although the company’s revenues increased in the first quarter of this year by 57 percent (up to $ 199 million), the company’s losses increased by 121% during the same period (compared to the same period last year) reaching 64 million dollars. 

As marketrealist.com speculates, Uber Freight took the example of its competitor – Alphabet Waymo, who owns Waymo Via, which also focuses on the freight market and has opened up to external investors and raised USD 3 billion this year.

Photo: Uber Freight/ Youtube

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