Amid a pandemic, transportation companies are not so quietly changing.
Most recently, Uber has made notable moves: It acquired Routematch, an Atlanta-based company, in a deal that highlights the ride-hailing company’s desire to provide software for public transportation.
And in a move echoing that of Alphabet’s Waymo deal (in which Alphabet sought outside investors for a bet that counted among its more moonshot-y, money-losing ones), Uber is now reportedly in talks with investors about raising $500 million for Uber Freight, its unit connecting shippers with carriers. That would value the division at about $4 billion.
There were expectations that Uber could trim or eliminate its bets on self-driving cars and Uber Freight. As the pandemic sunk into the company’s core business of shuttling consumers to-and-fro, Uber has laid off workers and leaned into the food-delivery industry by acquiring Postmates earlier this month.
Investors are doubling down on trends that are accelerating as a result of the coronavirus. Could trucking logistics be one of them?
CRV: The 50-year-old venture fund closed its 18th fund with $600 million in commitments. The early-stage fund, per a Medium post, was raised “entirely during the current pandemic.” CRV capped the fund at $600 million despite heavy demand, saying it was important to show that it had discipline as an investor even as competitors increased fund sizes. Read more.