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Uber taxi firm valued at $40bn after $1.2bn fundraising | Uber taxi firm valued at $40bn after $1.2bn fundraising |
(21 days later) | |
Taxi booking firm Uber has completed the latest stage of a fundraising, valuing the fast growing business at $40bn (£25.5bn). | Taxi booking firm Uber has completed the latest stage of a fundraising, valuing the fast growing business at $40bn (£25.5bn). |
The San Francisco company has raised another $1.2bn from investors in a deal that confirms its status as one of most highly valued new technology start-ups. | The San Francisco company has raised another $1.2bn from investors in a deal that confirms its status as one of most highly valued new technology start-ups. |
In June, a sale of shares to investors valued Uber at $17bn. | In June, a sale of shares to investors valued Uber at $17bn. |
In a blog post on Thursday, Uber's co-founder Travis Kalanick said the new money would help expansion in Asia. | In a blog post on Thursday, Uber's co-founder Travis Kalanick said the new money would help expansion in Asia. |
The company, which a year ago operated in 60 cities in 21 countries, is now in 250 cities in 50 countries. | The company, which a year ago operated in 60 cities in 21 countries, is now in 250 cities in 50 countries. |
At its current valuation Uber, which was only founded in 2009, is worth about three times as much as either ITV or Marks and Spencer, says BBC technology correspondent Rory Cellan-Jones. | At its current valuation Uber, which was only founded in 2009, is worth about three times as much as either ITV or Marks and Spencer, says BBC technology correspondent Rory Cellan-Jones. |
Last month, the company was forced to issue an apology after being accused of planning smear tactics against journalists and of tracking its users without their permission. | Last month, the company was forced to issue an apology after being accused of planning smear tactics against journalists and of tracking its users without their permission. |
In his blog, Mr Kalanick said: "Events of the recent weeks have shown us that we also need to invest in internal growth and change." | In his blog, Mr Kalanick said: "Events of the recent weeks have shown us that we also need to invest in internal growth and change." |
"Acknowledging mistakes and learning from them are the first steps," he added. | "Acknowledging mistakes and learning from them are the first steps," he added. |
Uber does not own cars or employ drivers, but connects customers and vehicles through its app, bringing what the company says is much needed competition to the taxi industry. | Uber does not own cars or employ drivers, but connects customers and vehicles through its app, bringing what the company says is much needed competition to the taxi industry. |
But it has faced opposition from some governments and established taxi firms, including from London's "black cab" drivers and in cities across Europe and the US. | But it has faced opposition from some governments and established taxi firms, including from London's "black cab" drivers and in cities across Europe and the US. |
Uber is also facing increased competition. On Wednesday, Softbank announced it had invested $250m in GrabTaxi, a service in Southeast Asia. | |
Details of Uber's new investors were not disclosed, although previous backers of the business include Goldman Sachs, Google Ventures, Blackrock, and Amazon's founder and chief executive Jeff Bezos. | Details of Uber's new investors were not disclosed, although previous backers of the business include Goldman Sachs, Google Ventures, Blackrock, and Amazon's founder and chief executive Jeff Bezos. |
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