Uber Raises Funding At $3.5 Billion Valuation
Uber has sold stock to private equity company TPG, according to a filing made in Delaware. Uber has also raised funding from Google Ventures, according to sources with AllThingsD. Uber now has a valuation of $3.5 billion.
The filing shows that TPG has bought 775,092 shares of Series C-2 preferred shares at $114.03. This investment is the equivalent of slightly under $90 million. TPG also bought shares from existing investors, including Uber founder Garrett Gamp. Camp is also known for creating the service StumbleUpon.
Existing Uber investor Benchmark Capital also bought 105,234 shares of Series C-1 preferred shares at $142.54. The remaining C-1 shares of about 1.8 million have been reportedly sold to Google Ventures, which added up to around $250 million. This fund-raising round was reportedly very competitive and Google Ventures won the round because CEO Larry Page reportedly met with Uber CEO Travis Kalanick, according to AllThingsD.
Uber is expected to bring in revenues of about $125 million this year, which is much higher than they anticipated. Uber is a startup based in San Francisco, California that uses a mobile application to connects passengers with luxury vehicle drivers for hire. Uber drivers have cars like Lincoln Town Cars, Cadillac Escalades, BMW 7 Series, and Mercedes-Benz S550 sedans.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry