From the blog, a "syndicate" situation sounds like when investors around the table are of relatively equal size and power. In that case, a consensus is required

From the blog, a "syndicate" situation sounds like when investors around the table are of relatively equal size and power. In that case, a consensus is required to move forward. My guess is Softbank at Uber owns the largest single stake and has the deepest pockets to fund further growth. They bought out part of TK's founding stake iirc. That means they can probably dictate terms unilaterally if investors needed to put more cash in and would also have a veto if external money was involved. (This is just my guess based on news and I have no inside info)