Tag: 500M

Convoy rival Uber Freight raises $500M, valuing trucking logistics business at $3.3B

(Uber Freight Photo)

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.

Convoy hires former Expedia CEO as president and COO as digital freight startup tops 1k employees

“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

Read More

Uber Freight Receives $500M From Greenbriar Investment

Uber Technologies  (UBER) – Get Report said it received a $500 million preferred-stock investment in Uber Freight from a group led by Greenbriar Equity, a deal that values the unit at $3.3 billion. 

Uber Freight was launched in 2017 as the shipping arm of Uber Technologies, the parent of the ride-hailing and food-delivery companies. 

The freight service enables trucking companies and drivers to book loads just as they would book Uber rides, a company statement says. 

Greenbriar is the Rye, N.Y., private-equity firm focused on logistics, transport, manufacturing and more.

Uber Freight said it planned to use the funds to build out its logistics platform and speed new products to market.

As part of the investment, Greenbriar Managing Partners Michael Weiss and Jill Raker will join the Uber Freight board. Uber will retain majority control of the freight unit.

Greenbriar is “a partner with deep expertise and a

Read More

Minneapolis-based health insurance company raises another $500M, bringing total to $1.5B

Minneapolis-based Bright Health has raised $500 million in another round of venture capital fundraising that will help expand its geographic reach and add additional services, it said on Tuesday.

The consumer-focused health care and technology company picked up new investors in the latest round and has now raised more than $1.5 billion from venture capital firms since 2016.

The insurer had 60,000 customers at the end of September 2019. It said in January that it would grow to at least 200,000 members this year.

New York-based investment firms Tiger Global Management, Blackstone and Baltimore, Md-based T. Rowe Price are new participants in Bright Health’s latest fundraising. Prior investors NEA, Bessemer Venture Partners and Greenspring Associates also participated in the latest round.

“NEA has backed Bright Health from the very beginning, and we are privileged to continue helping the team transform how health care is delivered and paid for in this

Read More

GoodRx offers founders $500M, nets $100M investment from Silver Lake, and makes quiet acquisition before IPO

GoodRx is a rare breed of modern tech IPO: a startup that is actually profitable and heading to the public markets. The consumer service offers coupons on prescriptions redeemable at pharmacies that can save customers significant money on their monthly drug prices.

The company filed an amended S-1 with the SEC this morning, and that included three pieces of news that hadn’t previously been reported.

First and most significantly, the company notes in its filing that it is offering its two co-founders, Douglas Hirsch and Trevor Bezdek, approximately 25 million shares of stock, at what the company placed as a fair-market value of $533.3 million. That stock has both a time-based component and a performance-based component, and is designed to incentivize the duo to commit to the company for the long term.

Unlike most startups exiting these days, the two founders hold very little ownership of their company, with both

Read More