Business

Uber confirms new funding round, calls it 'record-breaking'

Promotional photograph from Uber

Above: Promotional photograph from Uber

Image Credit: Uber

Uber chief executive Travis Kalanick today confirmed that the transportation startup is raising a new round, and he seemingly verified recently reported valuations.

Speaking at the tech-focused Code conference today, Kalanick called the new round “record-breaking.”

Valuations for Uber’s next round, which appears to have not yet closed, have floated as high as $17 billion. The new round may exceed $500 million in funding, according to the Wall Street Journal, but Kalanick did not confirm the size of the round on stage today.

Although Uber appears flooded with investor interest, the startup faces a steep uphill battle against legislators and traditional taxi cab and limousine firms. Uber currently faces over a dozen active lawsuits in the U.S., in addition to legal troubles in Europe.

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