China-based search engine operator Baidu is set to invest up to $600m in US-based taxi ordering app Uber, Bloomberg has reported, citing a person familiar with the matter.
Uber secured $1.2bn in series E funding at a $40bn valuation less than two weeks ago, stating at the same time that it could seek to raise up to $600m more.
The funding has appeared to come from Baidu, which has not yet officially confirmed its investment, despite claiming that it would unveil a substantial investment in a “household name” US-based startup on Wednesday this week.
Uber will also obtain access to Baidu’s China-based online services through the funding, which would help it in a bid to expand in East Asia where it has already revealed it will focus its resources in 2015.
The investment would bring Uber’s overall funding to about $3.3bn. Its other investors include Google Ventures, internet company Google’s corporate venturing arm, as well as Sequoia Capital, TPG, Fidelity Investments, Wellington Management, Kleiner Perkins Caufield & Byers, Menlo Ventures, CrunchFund, Goldman Sachs, Lowercase Capital, First Round Capital and Innovation Endeavors.