Uber Confirms New $1.2B Funding Round At $40B Valuation

Posted: Dec 5 2014, 3:50am CST | by , in News | Also on the Geek Mind

 
Uber Confirms New $1.2B Funding Round At $40B Valuation
  • Investors might include Asia
  • Uber in clutches of criticism
  • Regulations and ethics questioned

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This news has come at an extremely crucial time for the company.

Uber seems to be doing good at its latest round of $40 billion valuation. In a recent announcement by the transportation and ride-sharing startup it was revealed that it managed to raise $1.2 billion in funding. However, at this moment we have got no information on the investors as Uber has been keeping the names a secret so far however we do seem to have caught some names floating around which include Sequoia, TPG, Fidelity Investments, Wellington Management, Kleiner Perkins Caufield & Byers and Menlo Ventures.

If you are thinking that this funding is pretty crazy then wait till we tell you the real deal; the funding round isn’t over yet. According to CEO Travis Kalanick, this round includes “additional capacity remaining for strategic investments.” A recent filing in Delaware has been dug out by VCExperts and this file apparently seems to detail the potential final size of that round to be as high as $1.8 billion.

Something that the CEO said might have dropped a clue hinting that Asia could be the one to have already invested in this $1.2 billion round as he continued saying that “This financing will allow Uber to make substantial investments, particularly in the Asia Pacific region.”

We must say that this news has come at an extremely crucial time for the company. The company has, in the recent days, been a target of all sorts of cases involving regulations and fingers have been raised on the company’s ethics. Right before Thanksgiving, Buzzfeed released a piece of news which had Uber in the critics’ claws once again. However, the CEO seems to have taken notice of all these events and in his recent statement he has pledged to put things right;

“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. We are collaborating across the company and seeking counsel from those who have gone through similar challenges to allow us to refine and change where needed.”

source: Uber

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<a href="/latest_stories/all/all/32" rel="author">Ahmed Humayun</a>
Ahmed Humayun is a technology journalist bringing you the hottest tech stories of the day.

 

 

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