Uber Gets a $3.5 Billion USD Investment From Saudi Arabia
One of the largest-ever investments into a privately held start-up.
It’s safe to say that Uber’s latest round of funding could not have gone any better. A new report on Engadget claims that the online transportation network company received a whopping $3.5 billion USD investment, one of the largest-ever investments into a privately held startup. The ridiculous sum was paid out by Saudi Arabia’s sovereign wealth fund, who are aiming to decrease the country’s dependence on oil-related industries as part of its Vision 2030 plan. Another notable fact is that women make up approximately 80% of the users, which isn’t that surprising considering they are prohibited from driving there. Uber hasn’t specified how it plans to expand there but the company’s global takeover is undoubtedly in full effect.
