Business

Uber confirms new funding round, calls it ‘record-breaking’

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.

More information:

Uber Technologies Inc is known as Everyone's Private Driver. Uber operates an on-demand car service used all over the world. With the touch of a button from your phone, you can experience your own private driver. Sign-up quickly, g... read more »

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16 comments
Billy Hagstrom
Billy Hagstrom

Alan Greenspan said "irrational exuberance" three years before the bubble popped. Internet 2.0 will pop, but with time

Michael Morrison
Michael Morrison

I drive for Uber and Lyft. Here are free codes for you all to use: www.RidePromo.com

JP Sherlock
JP Sherlock

All those things you listed are also known as overhead. I would argue that the less you spend on R&D and payroll while still increasing profits month over month actually makes your company More valuable to investors... But I'm not a bleeding heart liberal so maybe I'm way off. Also, in my opinion streamlining the way people move around the cities of the world while at the same time making cabs/taxis/town cars more efficient is just as if not more impactful than a new high def tv.

Tomi Hassan
Tomi Hassan

Uber just launched in Nigeria :O this guys are just raving millions from Investor !!!! DAMn

Yannick Boucher
Yannick Boucher

Well, go look at the market cap of 'real' companies (say, I don't know, Sony Corp.) how much they're making, how much product and innovation they develop, how much impact they have on the world, how much people they employ, and then try to type that again. Also, your revenue-to-theoretical-market-cap ratio is already 'bubbly' there anyways.

Sean Paul McCloskey
Sean Paul McCloskey

Billy Hagstrom The bubble has arrived in the form of a black luxury sedan.

Matthew Giacomazzo
Matthew Giacomazzo

VentureBeat Okay so a lawyer who profits from it says it is not a bubble. Sorry but I need more than that. What are the actual economists saying? Planet Money this would be a great topic for you guys. Also I think there is a lot more real value in something like Uber that connects people to actual services rather than apps that poorly replace human interaction. The biggest realization I think people need to make about the internet is that it is great for the transfer of information but it isn't a replacement for communication and person to person interaction. The social web is sacrificing quality for quantity. When you actually interact with people in a manner more than typed text you have tone, body language, a slew of other evolutionary polished biological and emotional responses that work. Case in point is time after time again client sentiment improves with a phone call over an email. So the real winners in the future are those that make the connection and try not fight the social animals that we are.

Ben Perko
Ben Perko

That is what they all say and then it pops!