Uber valued at $41 billion, raised $1.2 billion in latest funding round
Uber’s most recent funding round values the San Francisco based ridesharing service firm at $41 billion.
The investors, who Uber did not disclose, were part of a competitive bidding process that lasted several weeks. Their investments mean that Uber is now worth $41 billion.
This now makes Uber one of the world’s most valuable startup companies in history.
Co-founder and CEO Travis Kalanick said in a blog post that the company had raised $1.2 billion from a number of investors, noting that the capital would be used to make “substantial investments, particularly in the Asia Pacific region.”
In an email Uber confirmed that this most recent investment round now means that company is worth over $40 billion, which is far more than what is was valued a few months ago. In June the company was worth $17 billion.
Uber is now 6 times bigger than it was a year ago and grew at a faster rate this year than last. It now operates in over 250 cities across 50 countries.
Despite its success the company has had its fair share of problems but investors don’t appear to be too concerned about the recent bad press that Uber has been subject to, or the organized campaign to boycott its services.
Kalanick commented on the company’s recent wave of controversy.
“This kind of growth has also come with significant growing pains. The events of the recent weeks have shown us that we also need to invest in internal growth and change. Acknowledging mistakes and learning from them are the first steps. “
“Fortunately, taking swift action is where Uber shines, and we will be making changes in the months ahead. Done right, it will lead to a smarter and more humble company that sets new standards in data privacy, gives back more to the cities we serve and defines and refines our company culture effectively.”
Anand Sanwal, chief executive officer of CB Insights, a research firm in New York, told Bloomberg News:
“At this valuation, investors appear to be thinking that when Uber goes public, it might be worth $80 billion to $100 billion. This type of mega-financing affords Uber a great deal of flexibility in terms of when they might go public.”