It’s a testament to how massive Uber is at the moment that pulling in an additional $2.1 billion in funding is barely even noteworthy, considering how it’s just one more addition to an ever-growing list of multi-billion dollar funding rounds for the company. Uber is already the world’s most-valuable startup, currently valued at $51 billion, but this additional $2.1 billion will further solidify that position by bringing its value all the way up to $62.5 billion. One of the reasons investors are so eager to throw money at the company is that it now has a gross revenue run rate of more than $10 billion globally, although a significant chunk of that money goes to its drivers.
Another day, another massive funding round for Uber, the world’s most valuable startup. This time, the company is set to raise $2.1 billion in a round that, if finalized, would value the company at $62.5 billion, according to a report Thursday. Uber, which has already raised more than $10 billion and is currently valued at $51 billion, has closed investments from investment manager T. Rowe Price and hedge fund Tiger Global Management, Bloomberg said. The company, however, is still looking to include funding from strategic investors with similar interests as Uber. The report cites unnamed sources and says that paperwork detailing the latest financing round has been filed in Delaware. As part of the funding round, Uber is telling potential investors that it now has a gross revenue run rate of over $10 billion globally, the report said. The bulk of that money, however, goes to Uber’s drivers. Nonetheless, Uber is also now profitable in more than 80 cities worldwide and has increased U.S. gross revenue by about 200 percent in 2015, Bloomberg claims. Already, Uber is the highest-valued, venture capital-backed company in the world, but the company is seeking further funding as a way to accelerate its growth beyond just ride hailing. Recently, the company has begun delivering food and parcels in a number of cities. Uber is also said to be to be working on technologies such as self-driving cars.
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