Uber Raises $3.5 Billion from Saudi Arabia's Sovereign Wealth Fund

A man checking a vehicle at the first of Uber's 'Work On Demand' recruitment events where they hoped to sign 12,000 new driver-partners, in South Los Angeles on March 10, 2016.MARK RALSTON / AFP - Getty Images

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
By Reuters

Uber has raised $3.5 billion from Saudi Arabia's sovereign wealth fund, the U.S. ride-hailing service said on Wednesday, gaining a crucial partner in its expansion into the Middle East.

The investment from the Saudi Arabian Public Investment Fund was part of Uber's most recent financing round that valued the company at $62.5 billion, Uber said, making it the most highly valued venture capital-backed company in the world.

As part of the investment, a managing director at the fund, Yasir Al Rumayyan, will take a seat on Uber's board, the company said in a statement.

Uber has committed to investing $250 million in the Middle East, where it has grown aggressively. The company says that 80 percent of Uber riders in Saudi Arabia are women.