Skip to Content

Uber Nabs $200 Million from Luxembourg Firm to Grow in Emerging Markets

The Hamptons Lure Uber Top Drivers Amid NYC Slow Summer WeekendsThe Hamptons Lure Uber Top Drivers Amid NYC Slow Summer Weekends
The Uber app Photograph by Victor J. Blue—Bloomberg via Getty Images

L1, an investment firm based in Luxembourg, has invested $200 million in ride-hailing giant Uber, it revealed on Friday.

In a statement, the companies described the investment as “strategic,” with Uber co-founder and CEO Travis Kalanick praising L1’s knowledge of emerging markets as a key reason for the deal. Uber has made significant investments in its operations in India and China over the past year. The company has pledged to invest at least $1 billion in each country to spur growth. Uber’s operations in Europe have also been somewhat bumpy, including protests in London and France, among other challenges. The company has since shut down its UberPop service in France.

This is a new investment in Uber and not part of a previous funding round, an Uber spokeswoman confirmed.

Get Data Sheet, Fortune’s technology newsletter.

Founded three years ago by Russian businessman and current chairman Mikhail Fridman, L1’s technology investments are focused on mobile and digital technology, especially in telecom. It owns significant stakes in Amsterdam-based telecom company Vimpelcom and Turkcell, a large Turkish telecom operator.

Founded in 2009, ride-hailing company Uber is currently valued at more than $62 billion.