Uber raises $1.2 billion in funding with $17 billion valuation

Posted Jun 6, 2014

Uber, the popular on-demand car ride service, has raised raised $1.2 billion in funding with a $17 billion valuation. The total raise will hit around $1.4 billion with a second close of strategic investors soon. Uber now operates in 128 cities and 37 countries around the world.

“It?s remarkable that it was only four years ago this week Uber started operations in SF, connecting residents with the safest, most reliable way to get around the city. Today, we are operating in 128 cities in 37 countries around the world with hundreds of thousands of transportation providers and millions of consumers connecting to our platform,” said Uber in a statement. “Uber is changing the fabric of these cities. At our current rate, Uber is responsible for directly creating 20,000 new jobs per month and powering billions in economic impact in cities around the world ? while also improving the environment, reducing DUI rates and fueling urban economic development.”

New investors that participated in this round include include Fidelity Investments, Wellington Management, and BlackRock Inc. Wall Street Journal. Summit Partners, Kleiner Perkins, Google Ventures, and Menlo Ventures also participated.

[Source: Wall Street Journal]