Uber has already surpassed Xiaomi to become the world’s most valuable startup, but now it looks like the company is taking things even further by raising an additional $1 billion in funding, which would value it at somewhere around $70 billion. This isn’t the first time the company has looked to raise such a mind-boggling amount of money, and considering how CEO Travis Kalanick has made it clear that he doesn’t want to make the company public anytime soon, this most certainly won’t be the last time.
Rideshare company Uber, true to its name, likes a little excess. And that especially applies to raising cash. The company is said to be eyeing an extra $1 billion in venture capital funding, people close to the deal told the New York Times. As the outlet points out, a resulting possible valuation of $60 billion to $70 billion would make Uber the most valuable private startup globally. Uber did not immediately return Mashable’s request for comment. The company’s actions fit in with a wider market trend: Many of Silicon Valley’s mature unicorns — companies that have reached a valuation of at least $1 billion — are not going public after multiple funding rounds, and with $1 billion still in the offing from keen investors, why would they? These aging startups have even been given a new name by Goldman Sachs — “dino-corns.” As Mashable pointed out earlier this month, however, the fact that they’ve remained private and are not obliged to reveal earnings or details about their operations, has left some analysts fearful the secrecy is masking all kinds of ills. Now available in 63 countries around the world after being founded in 2009, Uber is pushing strongly into China and India — a tough campaign against unfriendly regulators and market incumbents that some extra funds could certainly help with.
