Uber has raised a new $1 billion funding round, which pushes the company’s valuation to $51 billion.
The new investment money comes from Microsoft and Indian media conglomerate Bennett Coleman & Co., according to a new report from the Wall Street Journal, citing unnamed sources familiar with the matter.
Uber will reportedly use the money to expand its ride-hailing service into more foreign cities.
The report points out that Uber had briefed investors on a plan to raise between $1.5 billion and $2 billion in May. Uber confirms that it filed regulatory papers to do so.
The WSJ report points out that Uber has now exceeded the private company venture funding record set by Facebook. Facebook reached a $50 billion valuation in 2011 when Goldman Sachs sold shares in the startup to wealthy foreign investors.
At the time, Facebook had been around for seven years. Today, Uber has been around for five.