Uber announced the sale of a $500 million stake in its freight business to preserve cash.

A year ago, Uber’s business model could be classified as the “all-way principle” — a strategy to generate revenue from various forms of transportation, including taxiing, micro-mobility, logistics, parcels and takeaways,media reported. But the new crown pandemic upended the business strategy, prompting Uber to spin off Its shared micro-mobile business, Jump, increase distribution through the acquisition of Postmates and sell a stake in Uber Freight, its growing but still unprofitable logistics division.

Uber announced the sale of a $500 million stake in its freight business to preserve cash.

An investment group led by New York-based investment firm Greenbriar Equity Group has pledged $500 million to uber Freight to raise round A preferred stock, Uber said On Friday local time. The deal values the unit at $3.3 billion. Greenbriar managing partners Michael Weiss and Jill Raker will join Uber Freight’s board. Uber, however, did not name other investors.

Uber said it would retain a majority stake in Uber Freight and use the money to continue to expand its logistics platform, which helps truckers connect with freight companies.

Uber Freight CEO Lior Ron says Greenbriar’s investment opens the next chapter for the company. “We are very proud of what we have achieved in just a few years,” Ron said in a statement. In addition, he said, Greenbriar is a partner with deep expertise and shared passion in simplifying logistics.