Monday, 09 June 2014 00:00

Uber recives $1.2 Billion in Funding for its $17 Billion Valuation - fundedflow

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 Uber on Friday announced that it had raised $1.2 billion, bringing its valuation to $17 billion.

"It’s remarkable that it was only four years ago this week Uber started operations in [San Francisco], connecting residents with the safest, most reliable way to get around the city," CEO Travis Kalanick wrote in a blog entry. "Today, we are operating in 128 cities in 37 countries around the world with hundreds of thousands of transportation providers and millions of consumers connecting to our platform." Kalanick wrote the "total raise" for Uber will be $1.4 billion with a second round of investors "soon."

In an interview with Bloomberg Businessweek Kalanick said he is focused on expanding and solidifying Uber's global footprint: "We are now in 128 cities, probably closing in on 40 countries if we are not there already. And so this is about capitalizing for the opportunities that we see ahead of ourselves. This is about continuing to grow in the cities we are in. Our vision is to offer a way for people to get around cities without having to drive a car. It’s ground transportation as a service."

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Read 571 times Last modified on Sunday, 08 June 2014 09:49
Brian Cohen

Brian is the Chief Editor at fundedflow