US-based ride sharing app producer Uber has received a $3.5bn investment from Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, TechCrunch reported today.

The cash injection is part of Uber’s latest round, though a target size has not been revealed. It marks the largest single investment in the company to date and boosts the total funding of Uber and its subsidiaries to more than $11.5bn.

Uber’s valuation remained at $62.5bn for the latest investment.

Founded in 2009,…

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