Uber today announced it has raised a whopping $1.2 billion from “top tier institutional investors, mutual funds, private equity and venture capital partners.” The new funding round values the company at around $17 billion, and Uber expects the total amount raised to be $1.4 billion once a second batch of investors are finalized.
Uber’s private car hire service has made quite an impression since it debuted four years ago. The ability to call up a car and pay with a smartphone app was hardly new, but Uber’s broad selection of vehicles, location-tracking features and premium customer experience certainly set it apart.
So. Much. Tech.
Some of the biggest names in tech are coming to TNW Conference in Amsterdam this May.
In recent times, Uber has faced growing resistance from traditional taxi operators though; London’s transport authority has referred an issue over taximeters to the High Court and uberPOP, the company’s peer-to-peer ride-sharing service, was banned in Belgium two months ago.
Nevertheless, Uber is now operating in 37 countries around the world – including 128 cities – and says its service is responsible for the creation of 20,000 new jobs every month. “This ‘Uber’ way of life is really a reflection of our mission to turn ground transportation into a seamless service and to enable a transportation alternative in cities that makes car ownership a thing of the past,” CEO and co-founder Travis Kalanick said in a blog post.
Featured image credit: PAUL J. RICHARDS/AFP/Getty Images