Uber’s bet on Nuro is bigger than it let on, at close to $500m
Uber said “multi-hundred-million” and meant something closer to half a billion. The ride-hailing company’s commitment to self-driving start-up Nuro is near $500m, according to sources directly aware of the matter, a figure that reframes a partnership Uber had described in vaguer terms and reveals a follow-on investment significantly larger than its first.
The new detail is the size and the structure, not the existence of the deal. Uber had already disclosed that it took part in a $203m funding round for Nuro that valued the start-up at $6bn, and that it planned a multi-hundred-million-dollar investment.
What the sources add is an unreported follow-on that pushes the total commitment to roughly $500m, with additional funding agreed to unlock once Nuro hits certain development and commercial milestones. Those terms were not disclosed.
The money buys Uber a particular kind of supplier relationship. Nuro builds the autonomous driving system; Uber wants the rides....
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