Uber Raises $3.5 Billion From Saudi Fund

Uber Technologies Inc. said Wednesday it raised $3.5 billion from the investment arm of Saudi Arabia, a grand gesture from the Middle East that represents the largest-ever U.S. funding round for a venture-backed company. 

The investment from Saudi Arabia's Public Investment Fund values the ride-hailing company at more than $66 billion, including the amount of cash raised in the recent round, Uber said in an emailed statement. 

Uber said it now has more than $11 billion in cash and convertible debt on its balance sheet. 

Uber is forging close ties to Saudi Arabia when the kingdom is seeking to diversify its economy and reduce its reliance on oil. Yasir Al Rumayyan, the managing director of Saudi Arabia's Public Investment Fund, is taking a seat on Uber's board. 

The company said it plans to work with the government to create more opportunities for women in the country. Around 80% of Uber passengers in Saudi Arabia are women, Uber said. 

This is the largest slug of capital raised by Uber, topping an earlier $2.8 billion round, the previous U.S. record, according to Dow Jones VentureSource. It is also one of the largest ever raised globally. Earlier this year, Alibaba Group Holding Ltd.'s affiliate, Ant Financial Services Group, raised $4.5 billion in a funding round, while China online retailer Meituan-Dianping collected $3.3 billion.