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Uber Freight raises $500 million from Greenbriar Equity

October 2, 2020

Uber has announced it has sold a $500 million stake in its Uber Freight logistics business to New York-based private equity firm Greenbriar Equity Group.
Uber will retain majority ownership of Uber Freight.
The investment values the logistics arm of the company at $3.3 billion on a post-money basis.
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(Reuters) – Uber Technologies Inc said on Friday New York-based private equity firm Greenbriar Equity Group would invest $500 million in its logistics arm, Uber Freight, valuing the unit at $3.3 billion on a post-money basis.

The ride-hailing firm said it would maintain majority ownership of Uber Freight, and use the funds to scale its logistics platform and increase product innovation.

Unlike Uber’s ride-hailing app or its food-delivery service, Uber Freight operates as a middle man in the fragmented long-haul trucking business, connecting truckers with shippers.

Michael Weiss and Jill Raker, managing partners of

Uber Sells Stake in Freight Unit to Private Investors

October 2, 2020

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Uber Technologies Inc.

is selling a stake in its Uber Freight truck brokerage arm for $500 million to investors in a funding round led by Greenbriar Equity Group LP, pumping fresh cash into a business that has been growing rapidly while also losing money at a fast clip.

The planned investment comes as the coronavirus pandemic has hammered Uber’s core ride-hailing business, prompting the company to slash jobs and re-evaluate cash-burning businesses such as Freight, which accounts for a small portion of Uber’s overall revenue.

The new investors are coming in through what Uber Freight says is a Series A preferred stock financing. The investment values the business at $3.3 billion after the funding round.

Two managing partners at Greenbriar, a Rye, N.Y.-based midmarket private-equity firm focused on logistics and transportation, will join Uber Freight’s board of directors as part of the deal, which Uber said was expected to close

Where Can Uber And Lyft Drivers Make More Money? Seattle Latest City To Enforce Hourly Wages

September 30, 2020

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Uber’s treatment of its drivers has been under intense scrutiny this year, with many localities enforcing new rules on the ride-sharing company, including hourly wages. On Tuesday, Seattle became the latest city to enforce a minimum hourly wage on both Uber and Lyft.

As of January, both ride-sharing operations will be required to pay drivers at least $16 an hour, the minimum wage in Seattle for businesses with 500 or more employees. The decision to enforce this rule on Uber and Lyft was passed by the Seattle City Council in a unanimous 9-0 vote, the New York Times reports.

“The pandemic has exposed the fault lines in our systems of worker protections, leaving many frontline workers like gig workers without a safety net,” Seattle Mayor Jenny Durkan said about the decision.

Seattle is the second major city to pass a measure like this, following on from New York City’s measure

Uber, Lyft look to kill California law on app-based drivers

September 30, 2020

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LOS ANGELES — Californians are being asked decide if Uber, Lyft and other app-based drivers should remain independent contractors or be eligible for the benefits that come with being company employees.

The battle between the powerhouses of the so-called gig economy and labor unions including the International Brotherhood of Teamsters could become the most expensive ballot measure in state history. Voters are weighing whether to create an exemption to a new state law aimed at providing wage and benefit protections to drivers.

Uber and Lyft have fought a losing battle in the Legislature and courts, so now — with help from app-based food delivery companies DoorDash, Postmates and Instacart — they are spending more than $180 million to take their fight directly to voters in the Nov. 3 election.

Early voting in California starts Monday. Uber and Lyft, both headquartered in San Francisco, have said they may leave the state

Uber is hunting someone to fill its offices in Dallas’ Deep Ellum

September 29, 2020

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Transportation firm Uber Technologies is looking for someone to take over five floors of its office space in Deep Ellum.

a large building with a mountain in the background: Uber is hunting someone to take over its lease of five floors in the Epic office tower just east of downtown Dallas.

© Smiley N. Pool/Staff Photographer/The Dallas Morning News/TNS
Uber is hunting someone to take over its lease of five floors in the Epic office tower just east of downtown Dallas.

The almost 116,000-square-foot sublease in the Epic office tower on Pacific Avenue is just the latest case of companies looking to fill surplus office space during the pandemic.

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Commercial property firm CBRE is marketing ride-hailing firm Uber offices on the eastern edge of downtown Dallas.

Uber opened its Dallas office in the Epic tower last year. At the same time, it announced it was taking an even bigger space in another office tower under construction next door.

Real estate information firm CoStar first reported that Uber is now seeking to sublease.

The five floors of office space in

Uber Weighs Purchase of BMW-Daimler Ride-Hailing Venture

September 29, 2020

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(Bloomberg) — Uber Technologies Inc. is considering a purchase of Daimler AG and BMW AG’s ride-hailing joint venture Free Now, a deal that could boost its market share in Europe and Latin America, people with knowledge of the matter said.

a man standing in front of a door: Pedestrians pass in front of signage displayed outside Uber headquarters in San Francisco.

© Bloomberg
Pedestrians pass in front of signage displayed outside Uber headquarters in San Francisco.

Uber expressed interest in a potential acquisition of Free Now after the venture’s efforts to attract additional investors struggled to gain traction amid the coronavirus pandemic, according to the people, who asked not to be identified because the information is private. Any deal could be complicated by the challenging market ride-hailing companies face, which could make it more difficult to agree on a price, one of the people said.

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There’s no certainty the deliberations will lead to a transaction, and other bidders could emerge, the people said. Representatives for Uber and BMW declined

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