June 2, 2016
The Kingdom of Saudi Arabia’s sovereign investment fund invested $3.5 billion in San Francisco-based Uber to aid in the ride hailing company’s global expansion. The cash infusion will result in Yasir Al Rumayyan, a member of the Middle Eastern kingdom’s Public Investment Fund, joining Uber’s board.
The all-cash investment was part of a recent financing round that valued Uber at $62.5 billion. It will also rank among one of the largest investments in a privately held company by a single investor.
Uber’s Travis Kalanick says the investment is a “vote of confidence” in the company’s business model beyond the U.S.
The investment arm’s Al Rumayyan says, “We’ve seen firsthand how this company has improved urban mobility around the world, and we’re looking forward to being part of that progress.”