Uber Raises $3.5 Billion From Saudi Arabia

 

Ride-sharing giant Uber has raised $3.5 billion from the Saudi Arabia sovereign wealth fund, giving the company a valuation of $62.5 billion according to Reuters.

Uber will invest $250 million to expand in the Middle East and North Africa.

Uber currently offers ride services in 426 countries worldwide.

Previous investors in the company include Google, Microsoft, Benchmark Capital, Kleiner Perkins, Baidu and Fidelity Investments.