Fidelity reportedly competing for Uber’s $17 billion valuation round

Posted Jun 3, 2014

Fidelity Investments is reportedly competing to lead a round of funding in Uber, which would value the company at around $17 billion, according to sources with Bloomberg. The terms of funding may be subject change.

If Uber ends up getting a $17 billion valuation, it would be more valuable than public companies like Hertz Global and Best Buy. Last week, Uber CEO Travis Kalanick hinted that the company could see a “record breaking” valuation with its latest funding round.

Uber is now available in 115 cities across the world. Uber will be using the funding to expand its operations and to boost growth. Mutual fund company T. Rowe Price may also be an investor in this round.

Uber was founded by Kalanick and StumbleUpon founder Garrett Camp in 2009. The two of them came up with the idea when they could not find a cab in a trip to Paris.

Uber has raised around $307.5 million in funding so far from investors like Benchmark Capital, Menlo Ventures, TPG Capital and Google Ventures.

Uber runs a luxury card on-demand service. The company has 900 employees and takes a 20% commission from drivers.