Uber Technologies Inc., the US car-booking service provider that is expanding globally, has opted to further broaden the latest round of funding by $1 billion due to increased investor interest.
According to a spokesperson for the San Francisco-based mobile car-booking application, Uber decided to submit recently a filing to the Delaware Secretary of State to expand its fundraising by $1 billion, bringing the total to the Series E round to $2.8 billion after previously collecting $1.8 billion. The company, led by Chief Executive Officer Travis Kalanick, has been on a money-sweep lately – they took home $1.2 billion in financing in December, placing the startup firmly in the “giant” territory with a valuation of $40 billion, one of the biggest when it comes to closely held technology startups. Recent fundraising also brought in another $600 million and in January the company also closed $1.6 billion in convertible debt from Goldman Sachs Group, according to reports.
The funds are needed, according to the service provider, to further expand the company’s reach in more cities internationally, for research and development related investments and to lift safety. The new UberPool carpooling service, according to sources that have knowledge of the matter, is also on the expansion agenda – Uber plans to further introduce it into other cities after premiering it in San Francisco, New York and Paris. Uber was established back in 2009 by Kalanick and Garrett Camp and has so far been introduced in at least 277 cities in 54 countries – saying it wants to expand further by opening its services in a new town every other day.