Uber Raises $11 Million For Booking Black Car Services On-The-Go

Posted Feb 14, 2011

Uber is a company that was founded by StumbleUpon founder Garrett Camp. The company has raised $11 million in a round of funding that gives them a $49 million pre-money and $60 million post-money valuation. Benchmark Capital led the round and Sequoia Capital partner Alfred Lin participated as an individual. Benchmark partner Bill Gurley will be joining the board of directors.

Uber is a company where you can rent a private car service instead of using a cab. It costs about 50% higher than a cab. Camp does not own a car so he wanted to use private cars but not incur the cost of having a dedicated car. You ask for a black car to come get you through the mobile app and you can track it via GPS. Payments are automatically charged through the card you have on file. Since launching last summer in San Francisco, thousands of people have used the service.