Einride, the Swedish autonomous trucking startup, unveiled a new vehicle type that the company hopes to have on the road delivering freight starting in 2021. The vehicles, dubbed Autonomous Electric Transport (AET), came in four different variations. And much like Einride’s previous prototypes, they come without steering wheels, pedals, windshields, and, in general, no cab at all.
Einride has been in the business of releasing interesting, eye-catching prototype vehicles since it was founded in 2016. There was the cab-less T-Pod, released in 2017, four of which are operating on public roads hauling freight for Oatly, the Swedish food producer. A year later, the company unveiled the T-Log, built to be more powerful than its predecessor for the job of (you guessed it) hauling tons of giant tree logs. Now it has a next-generation vehicle that it hopes it can put into production.
Einride’s also been engaged with the less glamorous
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 Freight, the trucking logistics arm of Uber, today announced a $500 million investment led by Greenbriar that values the unit at $3.3 billion.
Uber Freight helps match carriers with shipper’s loads, using technology to expedite and automate a traditionally manual process that involves email and phone calls. Since launching in 2017, it has nearly 65,000 carriers in its network and works with shippers including AB Inbev, Nestle, LG, Niagara Bottling, Heineken, Land O’Lakes, and more.
“Uber Freight has created an innovative and effective approach to logistics technology that we believe is highly scalable in the coming years,” Michael Weiss, managing partner of Greenbriar, said in a statement. “In particular, we believe that carriers and shippers will be increasingly attracted to the convenience and simplicity that Uber Freight offers in a
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