Uber raises $3.5 bn from Saudi investment fund

June 2, 2016


SAN FRANCISCO – Uber announced Wednesday it raised $3.5 billion from the Public Investment Fund of Saudi Arabia to fuel global expansion plans for the ride-sharing giant.

The deal gives Uber, already one of the largest venture-funded startups, a valuation, or implied value, of $62.5 billion, according to people familiar with the deal.

Read: Sidian Bank unveils Sh10bn loan facility for Uber drivers

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