On-demand cab replacement service Uber has completed another round of funding that values the firm at a staggering $17 billion, TechCrunch reports. Now live in 67 cities across the States and 36 other countries across the world, Uber continues to dazzle tech investors, with $1.4bn of venture capital being pumped into the startup this time around.
With Uber’s continuing expansion and new features like Google Maps integration, the service is reaching out beyond early adopters to the public at large. This hasn’t been without its problems though: The company is involved in a heated legal battle on the streets of London, where drivers of the city’s famous black taxis are fighting to keep Uber away from their customers.
The last round of funding — which closed less than a year ago — valued the company at a mere $3.4 billion, and some industry commentators are warning that Uber is being dangerously overvalued. Uber itself has no such worries: “Uber is changing the fabric of these cities,” the firm says in a blog post. “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.”
Uber continues to experiment with new features as it grows, from delivering air conditioners to offering cars with fitted child seats. New investors this time around include Fidelity Investments, Wellington Management and BlackRock Inc, with Summit Partners, Kleiner Perkins, Google Ventures and Menlo Ventures also backing the four year-old business.
Have you tested out Uber for yourself? Do you think it’s worth such a sky-high valuation? Let us know in the comments.
Editors' Recommendations
- Uber vs. Lyft
- Uber expands its low-cost Ride Pass program to 17 more cities
- How does Uber work?
- After leaving China and Russia, Uber also exits Southeast Asia rideshare market
- Citymapper ditches London bus service to go after Uber instead
