Uber Raises $3.5 Billion in Funding From Saudi Arabia

Ride-hailing giant Uber has just closed one of the largest funding rounds by a tech company in recent history.

The company said on Wednesday that it had closed $3.5 billion in new funding from Saudi Arabia’s Public Investment Fund, at an unchanged valuation of $62.5 billion. As part of the deal, Public Investment Fund (PIF) managing director Yasir Al Rumayyan will join Uber’s board, the company said.