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It’s been a tough month for alternative cab service Uber, but investors see some major upside.

A fresh funding round for the fast-growing startup could give Uber a valuation between $35 billion and $40 billion, according to a report today from Bloomberg.

That round would follow the hefty $1.2 billion raise Uber announced this past June.

Word of a new round for the San Francisco startup came earlier this month. The Financial Times reported that Uber was working to raise $1 billion. Today’s Bloomberg report pegs the new round at “at least $1 billion.”

Uber must not only put up with competition from other startups, including Lyft and Sidecar. It’s also facing criticism for, among other things, its use of rider data. Uber has responded by disclosing its policies on the subject.

Uber declined to comment on the latest funding news.

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