• Uber has announced it has sold a $500 million stake in its Uber Freight logistics business to New York-based private equity firm Greenbriar Equity Group.
  • Uber will retain majority ownership of Uber Freight.
  • The investment values the logistics arm of the company at $3.3 billion on a post-money basis.
  • Visit Business Insider’s homepage for more stories.

(Reuters) – Uber Technologies Inc said on Friday New York-based private equity firm Greenbriar Equity Group would invest $500 million in its logistics arm, Uber Freight, valuing the unit at $3.3 billion on a post-money basis.

The ride-hailing firm said it would maintain majority ownership of Uber Freight, and use the funds to scale its logistics platform and increase product innovation.

Unlike Uber’s ride-hailing app or its food-delivery service, Uber Freight operates as a middle man in the fragmented long-haul trucking business, connecting truckers with shippers.

Michael Weiss and Jill Raker, managing partners of Greenbriar, will join Uber Freight’s board, the companies said in a statement.

(Reporting by Ayanti Bera in Bengaluru; Editing by Aditya Soni)

Axel Springer, Insider Inc.’s parent company, is an investor in Uber.

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The Arizona Court of Appeals’ decision to lift a ban that opens the door for “dark money” contributions to political races will increase the risk of corruption in the state’s politics, according to watchdog groups.

The ruling reinstated a 2017 law in which the Republican-led legislature allowed any group that the IRS classified as a nonprofit not to disclose its donors, regardless of whether the voter-created Citizens Clean Elections Commission approved. Organizations aren’t disqualified under the law even if they use funding to elect or oust candidates.

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The ruling essentially defangs the commission, which voters set up up to determine whether an organization was really a charity or a political action committee (PAC) and thus required to disclose its donors.

Political parties will now be able to spend unlimited amounts on behalf of their candidates without disclosure, and individuals and special interests can pay the legal fees of candidates without the expenditures counting against mandated caps on financial aid.

Nonetheless, included in Tuesday’s decision was what Tuscon.com called a “key victory” for challenger Arizona Advocacy Network.

The appellate court judges said GOP lawmakers did not have a right to limit the Clean Elections Commission’s regulations to only independent expenditures made on behalf of candidates who are accepting public financing.

That qualifier preserves the right of the commission to require disclosure of all money spent on candidates, even if it can no longer force reporting of the original source.

While the Arizona Advocacy Network appreciates the court’s recognition of the role the commission plays in protecting democracy, the ruling “also gave the seal of approval to various legal loopholes created by the Arizona legislature for the sake of allowing unlimited amounts of corporate money to flow into our

This post was contributed by a community member. The views expressed here are the author’s own.

WEST BEND, WI (September 30, 2020) – West Bend Mutual Insurance Company, along with independent insurance agents who represent the company, key business partners, friends, and associates, recently raised $1,150,000 for the MACC Fund, Midwest Athletes Against Childhood Cancer.

Donations were raised at a September 22 event the company hosted at the West Bend Country Club, the Washington County Golf Course, and the Washington County Fair Grounds. This is the eighth time West Bend Mutual Insurance has hosted this biennial event which, to date, has generated more than $3.7 million for the MACC Fund.

West Bend Mutual Insurance President and CEO Kevin Steiner has spearheaded the event for the past 12 years. “‘WOW’ is the best way to describe what happened on Tuesday, September 22,” Kevin said. “We had a perfect weather day that set the stage for a record-breaking event. Our goal was to raise $1 million for the MACC Fund and the fight against childhood cancer. Because of the incredible generosity of our agents, business partners, associates, and friends, we exceeded our goal and donated $1,150,000 to the MACC Fund. This is an unbelievable accomplishment! Thanks to everyone who made this possible.”

“As children throughout the Midwest fight cancer and related blood disorders, it’s generous supporters like West Bend and their equally generous agents, business partners, and associates who help bring hope to these kids and their families,” said MACC Fund President and CEO Becky Pinter. “Since its inception just 44 years ago, the MACC Fund has contributed more than 70 million dollars to cancer research and has helped increase the five-year survival rate for all types of childhood cancer from 20% in 1976 to more than 80% today. We are

Kevin Steiner, CEO of West Bend Mutual Insurance
Kevin Steiner, CEO of West Bend Mutual Insurance
Credit: Andrew Feller

West Bend Mutual Insurance Co.’s employees and independent insurance agents have raised $1.15 million for the Midwest Athletes Against Childhood Cancer (MACC) Fund, the company announced.

Donations were raised at a Sept. 22 event, spearheaded by president and chief executive officer Kevin Steiner and held at the West Bend Country Club, the Washington County Golf Course and the Washington County Fair Grounds.

Steiner said the company exceeded its goal of raising $1 million.

It was the eighth time West Bend Mutual hosted its biennial event, which has raised $3.7 million for the MACC Fund to date.

“The MACC Fund is very special to West Bend,” Steiner said. “Throughout the past 14 years, our event has grown unbelievably. The money we raise helps doctors, nurses, researchers, and many others find treatments that are more tolerable and safer for children with cancer and blood disorders. And it helps them in their search for a cure.”

The MACC Fund was founded in 1976 by Jon McGlocklin, a Milwaukee Bucks player-turned-announcer, and then Bucks play-by-play announcer Eddie Doucette, whose two-year-old son Brett had been diagnosed with cancer.

In 2019, the fund pledged $25 million to advance medical discoveries at the Medical College of Wisconsin and Children’s Hospital of Wisconsin related to pediatric cancer and blood disorders.

“As children throughout the Midwest fight cancer and related blood disorders, it’s generous supporters like West Bend and their equally generous agents, business partners, and associates who help bring hope to these kids and their families,” said MACC Fund president and CEO Becky Pinter.

Also this week, the MACC Fund announced it has received a significant gift from Milwaukee Bucks shooting guard Wesley Matthews, representing the largest personal gift from a professional athlete in the organization’s history.

As the limitations and costs of running decentralized finance (DeFi) apps on Ethereum continue to ride high, a growing list of projects are lining up on competing blockchains.

Adding to this trend, Polkadot-based Reef Finance has closed a $3.9 million seed funding round for its cross-chain suite of DeFi services, the company announced Wednesday. Included in the round were NGC Ventures, AU21 Capital, QCP Capital, Kenetic Capital and Woodstock Fund.

Reef aims to solve the high technical barrier investors face when attempting to participate in DeFi, said Reef Finance CEO Denko Manceski, not to mention doing away with gas fees on Ethereum that are currently running at near-record highs.

Related: First Mover: Chainlink’s Sorry September Returns Shows DeFi Hysteria Deflating

“The average retail investor entering the DeFi landscape is confused,” said Manceski. “They don’t know the names of the projects or how to keep up with the best strategies and stay safe and well-diversified. They have to go through, like, five different websites and use different [user interfaces] made by different vendors. It’s overwhelming. And while you do this, you’re missing out on different opportunities.”

Read more: Polkadot-Based Acala Raises $7M as DeFi Grabs Land on Another Blockchain

To remove the headache from a typical DeFi user experience, Reef offers a kind of one-stop shop, combining a global liquidity aggregator, yield farming aggregator and asset-management product, said Manceski.

So far, Reef has partnered with Polkadot projects like Plasm, a dapp platform on Substrate; and Crust Network, an incentive layer for decentralized storage. The company said it also plans to integrate with leading oracle service providers including Chainlink and Bluzelle. 

Related: DeFi ‘Vampire’ SushiSwap Still Hemorrhaging Liquidity

“The Holy Grail of decentralized asset exchange is seamless interoperable movement of assets along the paths of least resistance, and Reef is attempting to