Uber has sold a stake in its freight business to outside investors, as it looks to pare its exposure to non-core ventures and recover from a hit to its ride-hailing business during the pandemic.

Greenbriar equity, a new york-based private equity firm, led a group of investors committing $500m to uber freight, the companies announced on friday. the preferred equity investment valued the division at $3.3bn, including the new capital.

Uber will retain majority ownership of the freight unit, which reported a loss of $49m in the second quarter. the business acts as a broker connecting large companies to a network of truck drivers.

We are thrilled to be moving into the next chapter with greenbriar by our side as a partner with deep expertise and a shared passion for simplifying logistics, lior ron, head of uber freight, said in a statement.

Uber declined to identify the other investors in the funding round.

The move comes as uber attempts to rebound from the pandemics effects on its core ride-hailing business, which reported a 35 per cent fall in gross bookings last quarter compared to a year before.

Ubers investments in ventures such as self-driving technologies and aerial vehicles have come under pressure as the company attempts to turn a profit.

In may, uber combined its bike rental service jump with the e-scooter company lime alongside an investment in that company. in the same month, it also said it was exploring strategic alternatives for uber works, a staffing service.

The freight deal is not the first time uber has sought outside backers for its ventures. last year, toyota, softbanks vision fund and the japanese car parts supplier denso invested $1bn in ubers self-driving technologies unit, valuing it at $7.25bn.

Uber said one year ago it would spend $2bn on the freight division during the next decade and hire 2,000 employees in chicago, where it is headquartered. the company announced a sale of its european freight operations to germany-based sennder last month.