Uber has raised a $5.7 billion Series A round led by Sequoia Capital, a venture capital firm that helped Uber reach the $100 billion valuation mark.
The company said it would also spend up to $200 million on a new fleet of vehicles that would allow it to offer faster, cheaper, and more flexible delivery services.
The funding round is part of a $10 billion round of financing announced earlier this month by Uber.
Uber’s new fleet will allow the company to offer delivery services that are faster, more flexible, and less expensive than traditional services, according to the company.
“The Ultra Express is an important new component to our fleet, providing us with the capacity to serve millions of customers faster, with more flexibility, at a lower cost, and at lower risk,” said Matt McKean, Uber’s chief operating officer.
“It is a fundamental step forward in our delivery network and demonstrates the strength of our engineering teams and technology.”
Uber said that it will spend up $50 million on the fleet, which will be built out in three phases.
In the first phase, the company said that its fleet will add 200,000 vehicles to its fleet, with an average price of $1,500 per delivery.
The first phase will also allow the vehicles to be upgraded with sensors that will help Uber to deliver more frequently, with a minimum delivery time of 15 minutes.
The vehicles will also be able to be used as part of Uber’s fleet to make a full-day delivery.
Uber also said that the Ultra Express will be available in all major US cities, with Uber’s service expected to reach a peak of 500,000 customers in 2019.
The Ultra Express fleet is the first of its kind in the US and comes at a critical time for Uber, which has been in financial trouble as it struggles to attract drivers and retain customers.
Uber said in December that it was shutting down in 2019, and it has not announced a date for its closure.
Uber will begin rolling out the new vehicles on the US streets in 2019 in order to address the company’s continued financial problems.
“We have been investing heavily in our fleet over the past few years, and we are excited to finally deliver this revolutionary new vehicle, enabling us to deliver our riders as quickly as possible,” said Josh Rosen, Uber chief executive.
“Our Ultra Express delivery service is a major milestone in the Uber journey to reach and exceed the 100 million riders we have today.”
Uber did not reveal the size of the funding round or how much the company will spend on the new fleet.
The announcement follows an announcement in December by Uber that it plans to spend $5 million to buy out the existing fleet of 500 cars.