Bits & Atoms
As many of you have seen in the press today, Uber recently closed a financing round. We want to make sure the facts are clear and confirmed. Our vision is to build a technology company that changes transportation and logistics in urban centers around the world, and this financing gives us the fuel to make that a reality. This round is $258 million with proceeds to be used to expand into new markets, accelerate rider and driver acquisition, and fight off protectionist, anti-competitive efforts.
The financing was led by Google Ventures with TPG Capital participating. David Drummond, Google’s SVP of Corporate Development and Chief Legal Officer will be joining Uber’s board. David Bonderman, founding partner of TPG, will also be joining the board. We’re also looking forward to working with David Krane from Google Ventures and David Trujillo from TPG, each of whom will help deliver strategic value as partners in this investment.
We couldn’t be more excited to embark on the next phase of our journey with our new partners, both truly great in their respective industries. I like to talk about this combination of investors as “Bits and Atoms.”
On one end we have Google, a technology powerhouse, with billions of users on an incredibly complementary product suite ranging from Google Maps to Android to self-driving vehicles. We look to Google and Google Ventures for the strategic connectivity to their product initiatives alongside the expertise that comes with evangelizing new technology with governments and regulatory bodies around the world. David Drummond is our director from Google that will help us navigate the company and provide the strategic advice as our regulatory efforts follow Uber’s launches across Europe and Asia.
With TPG, we have partnered up with one of the most prolific private equity firms in the world. Why does that matter? How are they different than any of the traditional venture capital firms? It’s really simple: TPG owns and operates companies. The Uber deal is obviously very different, but their deep rolodex of operations executives and their regulatory know-how in highly regulated, “atoms”-based industries in the farthest corners of the globe is where TPG shines. David Bonderman’s vision and relationships will be invaluable to Uber as we become a global brand.
So that’s the news. I hope this clarifies what Uber is looking to do with this new funding, and sheds some light on the groundbreaking investment partnership we’ve put together for Uber’s next phase of growth.
Whether you’re a freshman or a senior headed back to campus this fall, one thing is certain—you’ll need to eat. And there is nothing worse than being limited to questionable cafeteria food or taking a chance on expired leftovers in the back of the fridge. The best news? UberEATS is expanding to 30+ major college campuses by the end of the year, from Penn State to LSU to Boise State. Since we want you to focus on what you love about college and not worry about your next meal, we’re predicting the 5 times you’ll need to order UberEATS this semester.
We are excited to surpass the 100th city mark by welcoming two Brazilian cities, Rio de Janeiro and Belo Horizonte, to the UberEATS family. From Atlanta to Warsaw, people have truly embraced this easy and reliable way to discover the food they love at the push of a button. Whether that’s an Indian inspired samosa, a good old-fashioned American burger or Vietnamese pho, people in 27 countries are using UberEATS to get a taste of the world’s flavors at the push of a button.
We’re excited to expand the Uber for Business platform beyond business travel, to include a world-class customer transportation solution, Uber Central. With Uber Central, organizations of all shapes and sizes can now easily provide on-demand, door-to-door transportation for their customers, clients, and guests.