Technology company Uber, which provides vehicles for hire, food delivery, package delivery and other services on Friday said that an investment group led by Greenbriar Equity was pumping $500 million into its trucking unit.

Uber Freight is currently valued at $3.3 billion and the investment comes amid the coronavirus pandemic when ride-sharing has taken a hit.

Uber Freight matches truckers to shippers much like ride services connect passengers with drivers.

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Uber’s ride service has been badly hit due to the coronavirus pandemic, Uber’s freight service, which was launched in 2017, has grown. 

“We have led the industry with technology, transforming dated and analogue processes to ensure that both shippers and carriers are equipped to succeed in a rapidly changing industry,” said Uber Freight chief Lior Ron.

Uber on Friday stated that it would retain a majority stake in Freight and added that the money invested by Greenbriar Equity would be used to expand the logistic platform and speed up technological innovation.

“We are excited to support Uber Freight in the next stage of its development,” said Greenbriar managing partner Michael Weiss.

Weiss added, “We believe that carriers and shippers will be increasingly attracted to the convenience and simplicity that Uber Freight offers in a complex marketplace.”

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Greenbriar has been involved in the logistics sector for decades and brings expertise that Uber Freight can tap into, Weiss added.

Uber reported a $1.8 billion loss in the second quarter of this year as the Covid-19 pandemic caused its shared-ride business revenue to plunge.