Investment company LetterOne, headed by Russian billionaire Mikhail Fridman, invested $200 million in Uber because it “believes Uber’s highly talented management team possesses the necessary vision and skills to build the company into one of the world’s preeminent technology businesses”.
According to Travis Kalanick, Uber’s CEO, “LetterOne’s knowledge of emerging markets will be crucial in helping us make cities more accessible, opening up more possibilities for riders and more opportunities for drivers”.
It is not clear if this is a standalone investment, or part of a larger funding round.
LetterOne is based in Luxembourg and wants to invest $2-3 billion in late-stage technology growth opportunities over the next couple of years. It targets technology investments between $100 million and $500 million, and is looking for new strategic partnerships.
Earlier this month, Uber updated its logo to reflect that it had changed from a “black car service” to a “transportation network spanning 400 cities” that “delivers food and packages, as well as people”.