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Uber Technologies Inc. UBER, +1.80% said Friday that an investor group led by Greenbriar Equity Group LP is investing $500 million in Uber Freight, the company’s logisitics arm, in a Series A preferred stock financing that values the unit at $3.3 billion. Uber will continue to have majority control of Uber Freight, but Greenbriar will add two partners to the Uber Freight board.

The money will be used to continue to scale the platform and accelerate product development. The deal is expected to close in October. Uber shares were down 2.8% premarket, but have gained 25% in the year to date, while the S&P 500 SPX, +0.52% has gained 4.6%.

Here is the press release out today: “Uber Freight raises $500 million in funding from Greenbriar Equity Group to transform logistics“.

An excerpt here:

“Uber will maintain majority ownership in Uber Freight and will use the funds to continue to scale its logistics platform and accelerate product innovation to equip shippers with technology to power their supply chains.

“In connection with the investment, Michael Weiss and Jill Raker, Managing Partners of Greenbriar, will join the Uber Freight Board of Directors. With a combination of more than 40 years of investing experience in logistics, Mr. Weiss and Ms. Raker have been actively involved in many successful investments across the space, and will additionally draw on the counsel of the firm’s investment team and highly regarded network of operating partners in support of management’s vision for growth.”

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