Media firm Axel Springer is Uber’s newest shareholder

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Uber now has a new stake holder who is quite different from the usual ones. Alex Springer, the German media company which boasts of the ownership of Business Insider, and Germany’s largest newspaper Bild along with other publications, is Uber’s newest shareholder.

Neither Uber, nor the media giant has revealed the figures of the investment, or the date, however, Axel Springer did confirm (via Handselblatt) that the investment was not strategic, and the deal was completely a financial one.

This is one of a kind investment from Axel Springer in any technology company. In 2o12, the media firm announced its stakes in AirBnB, however, it was announced as “very minor” at that time. As per the t3n.de report, the Uber investment could likely be in the same line. A Springer spokesperson told The Wall Street Journal’s Friedrich Geiger that the amount was “minimal,” and also mentioned that the media firm has also made early stage investments in close to 1000 different companies.

An Uber spokesperson said:

Uber is committed to providing reliable and accessible transportation that improves European cities by cutting congestion, pollution and parking. The investment by renowned digital publisher, Axel Springer, is another example of a leading German company that shares this same vision.

The investment is an indication that despite various setbacks, the drive hailing company is still a fine choice for building cash for investors. The allegations of sexism and bad work culture also appear to be fading off pretty quickly.

The investment from one of Europe’s biggest media firms is a good sign for Uber. It has been making inroads into Europe as well. For example, it recently tied up with Mercedes-Benz’s parent company, Daimler, to use their self driving cars on its ride sharing platform.

Source:: https://thetechportal.com/2017/04/20/axel-springer-uber-shareholder/

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