San Francisco - Uber Technologies said it received its biggest investment to date, raising $3.5 billion from the Public Investment Fund of Saudi Arabia.
The investment valued Uber at $62.5 billion, the same amount as its previous valuation, the company said. Yasir Al Rumayyan, the managing director of Saudi Arabia’s sovereign wealth fund, will take a board seat.
Saudi Arabia has been looking for ways to diversify its investments outside of the oil industry. Lyft, the second-largest ride-hailing company in the US, has raised at least $100 million from Saudi Arabian billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Company.
“As the Kingdom of Saudi Arabia’s sovereign investment arm, we’re focused on achieving attractive long-term financial returns from our investments,” Al Rumayyan said in a statement.
Read also: Why Uber is turning subprime