Tech giant, Uber, has announced that it has raised $3.5 billion from Saudi Arabia's Public Investment Fund.
Tech giant lands $3.5b from Saudi investment fund
The deal will be the closing of Uber's Series G investment round, which began last year and has raised more than $5 billion from investors including Russia's LetterOne and China's Baidu, at a valuation of $62.5 billion.
Uber's self-driving prototype
The deal will be the closing of Uber's Series G investment round, which began last year and has raised more than $5 billion from investors including Russia's LetterOne and China's Baidu, at a valuation of $62.5 billion.
According to Innovation Village, the PIF will own approximately 5% of Uber with this investment, and its MD, Yasir Al Rumayyan, will join Uber's board.
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This comes just two weeks after Uber's Chinese rival DidiChuxing announced $1 billion in investment from Apple.
This deal is the largest single investment ever made by the PIF in a private company. Right now, Uber operates in five cities in Saudi Arabia.
After the investment, Uber's valuation remains unchanged at $62.5 billion despite the investment.
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