The following is an excerpt from Sara Ashley O'Brien | June 1, 2016 | CNN.com |
Uber just banked $3.5 billion from Saudi Arabia's investment fund.
The deal marks the company's biggest cash influx from a single investor.
The money comes from the country's Public Investment Fund. It won't change Uber's valuation, which remains at $62.5 billion. It is the most valuable startup in the world
With the cash, Uber also added a new member to its board: Public Investment Fund managing director Yasir Al Rumayyan.
"We've seen first-hand how this company has improved urban mobility around the world and we're looking forward to being part of that progress," said Al Rumayyan in a statement sent to CNNMoney. He'll join the likes of Arianna Huffington on the board.
Uber has been operating in Saudi Arabia since 2014.
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