Saturday 19 August 2017

Uber's latest fundraising round values firm at $62.5bn

Uber (Stock photo)
Uber (Stock photo)
Ailish O'Hora

Ailish O'Hora

TAXI app Uber Technologies is seeking to raise as much as $2.1bn in fundraising that would value the firm at $62.5bn (€57.5bn), according to reports from Bloomberg.

It is understood that Uber has filed paperwork in Delaware detailing the plans.

They include an acceleration of its global expansion and new services beyond picking up and dropping off customers.

It has already tested food and package delivery as well as self-driving car technology.

In addition, the firm plans to spend $1bn in China, according to a letter to investors from CEO Travis Kalanick.

The current round of funding includes investments from Tiger Global Management and T Rowe Price as well as strategic investors.

Tiger Global also backs some of Uber’s main competitors outside of the US.

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