Uber said that it had raised $3.5 billion from Saudi Arabia’s Public Investment Fund, in one of the largest investments pumped into a start-up, taking Uber’s value to $62.5 billion
We appreciate the vote of confidence in our business as we continue to expand our global presence, Uber founder Travis Kalanick said in a statement. Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers, and cities and we look forward to partnering to support their economic and social reforms.
As part of the investment, Yasir Al Rumayyan, the managing director of the Public Investment Fund, will join Uber’s board alongside Uber’s chief executive, Travis Kalanick.
Uber said that it has more than 395,000 riders actively using its platform in the Middle East with a total of 19,000 drivers.
