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Uber Pulls Down $3.5B In Saudi Investment Because Some Things Are Inevitable

Wow!...Well, wow-ish.

You know how sometimes you see something that surprises you at first, but then you think "How did I not see this coming?"


Well, thanks to the FT, now you have:

Saudi Arabia’s sovereign wealth fund is investing $3.5bn in Uber, marking the largest single investment ever made in a private company.
The deal solidifies Uber’s place as the most-funded start-up in the world and brings its war chest to more than $11bn, at a time when the company is aggressively expanding in nearly 70 countries worldwide.

Uber's thirst for private funding is unquenchable, and there is no better place to turn for a deep sip of cash than the Saudi desert. And because Travis Kalanick is seemingly allergic to optics, this move has no downside. Sure, some company's would balk at taking money from the royal family and almost all would downright walk away when told how much of the company they'd have to give up for three and a f@cking half billion dollars.

But this is Uber y'all...

After its investment, the PIF will own approximately 5 per cent of Uber, and its managing director, Yasir Al Rumayyan, will join Uber’s board.
The deal marks the closing of Uber’s Series G investment round, which began last year and has raised more than $5bn from investors including Russia’s LetterOne and China’s Baidu, at a valuation of $62.5bn.

There's a lot to see there so feel free to go back and read it, but to put it succinctly Uber just took in a funding round of almost unprecedented size from a quasi-controversial source and all it had to give up was 5% and a board seat.

But maybe that board seat will become a huge deal when Travis Kalanick takes Uber public in the year Never Ever.

Saudi wealth fund takes $3.5bn Uber stake [FT]



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