Uber seeks further $1 Billion in latest funding round


The San Francisco-based company has made an official filing to US authorities to bump up its current investment by $1 billion. That would bring the total in the round, known as the Series E round, to $2.8 billion.

The company, led by CEO Travis Kalanick, raised $1.2 billion in financing in December, which valued the startup at $40 billion, one of the highest valuations for a closely held technology startup.

Last month, Uber also closed $1.6 billion in convertible debt from Goldman Sachs’ wealth management clients.

“The participation we have seen in Uber’s Series E underscores the confidence investors have in Uber’s growth,” said Nairi Hourdajian, Uber’s head of global communication.

The car-booking company plans to use the new money to roll out its service in more cities internationally, to invest in research and development and improving safety, and to expand its UberPool carpooling service, people familiar with the situation said last month. UberPool is currently available in San Francisco, New York and Paris.

Uber, founded in 2009 by Kalanick and Garrett Camp, has expanded to more than 277 cities in 54 countries and has said it was opening in a new town every other day.

The service has disrupted established taxi operators, many of whom like the London Licensed Hackney Carriage Operators, or black cab drivers as they are known, have often responded with demonstrations and protests.

Uber has also upset regulators, who have brought legal action or banned the company from California to Brazil, but neither the complaints nor regulatory issues seems to be affecting demand from investors.