Uber reaches $40bn valuation in $1.2bn fundraising as it bids to expand services RIDEHIRE service Uber has raised a massive $1.2bn (£765m) in its latest funding round, finally confirming the previously rumoured investment in a blog post last night. Travis Kalanick, Uber’s founder and chief executive, said the funding would be used “to make substantial investments, particularly in the Asia Pacific region.” The round is understood to value the firm at $40bn, more than Twitter, Netflix and LinkedIn. Kalanick said the company’s shareholding remained with “additional capacity for remaining investments”. Uber had filed paperwork to authorise the sale of up to $1.8bn in stock earlier in the day. The boss of the controversial company, which was recently under fire after one of its executives suggested investigating journalists hostile to the company, addressed the issues facing the firm directly. “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,” wrote Kalanick. “Acknowledging mistakes and learning from them are the first steps.” He continued: “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.” The founder said swift action [...] newsinlondon/uber-reaches-40bn-valuation-in-1-2bn-fundraising-as-it-bids-to-expand-services/
Posted on: Fri, 05 Dec 2014 07:30:48 +0000
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