Report – Uber wants to raise another $1 billion image

Uber Technologies Inc., a San Francisco-based company, became world-famous because of the overwhelming taxi protests against it that swelled many cities around the world.

But the technology company that set out to revolutionize transportation – with its smartphone application that allows anyone to share rides (they pay money, of course) – has also become very famous for its initial public valuation of $17 billion. Uber back in June managed to get funds worth $1.2 billion from investors led by Fidelity Investments, according to sources. Now, people familiar with the mater have told Bloomberg the car-booking company is in fundraising mode again in a bid to secure another $1 billion needed to support its fast international growth.

The sources, who declined to be named because the talks are private, said Uber has entered negotiations with new and existing investors – though being at early stages means there’s no way to indicate a new valuation for the company. The Financial Times also reported the talks and according to the reports, Travis Kalanick, Uber’s co-founder and chief executive officer, seeks a higher valuation than what he got from its first round of fundraising. Thanks to a financial investment boom on the behest of Silicon Valley technology companies, Uber is already among the top-valued closely held companies in the United States.

Via Bloomberg