Uber Turns to Saudi Arabia for $3.5 Billion Cash Infusion - The New York Times
▻http://www.nytimes.com/2016/06/02/technology/uber-investment-saudi-arabia.html
Uber said on Wednesday that it had raised $3.5 billion from Saudi Arabia’s Public Investment Fund, the kingdom’s main investment fund, in one of the largest-ever investments into a privately held start-up.
The money was part of the ride-hailing giant’s most recent financing round and continued to value Uber at $62.5 billion. The investment, which was months in the making, does not cash out any of Uber’s existing investors.
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Until now, Saudi Arabia has not been known for venture capital investing, though some members of its royal family have made some deals. Prince Alwaleed bin Talal, for instance, has invested in Lyft, a competitor of Uber.