US-based ride sharing company Uber secured $1.2bn in series E financing from undisclosed investors yesterday as part of a round that could reportedly rise as high as $1.8bn.
Although the investors have not been disclosed, TechCrunch stated that rumoured backers include Sequoia Capital, TPG, Fidelity Investments, Wellington Management, Kleiner Perkins Caufield & Byers and Menlo Ventures.
The money was reportedly raised at a $40bn valuation and took Uber’s overall funding to $2.7bn.
Uber previously raised $1.2bn in series D funding at an $18.2bn valuation in June, also from undisclosed investors, and $258m from an August 2013 series C round backed by Google Ventures, the corporate venturing subsidiary of internet company Google, TPG and Benchmark Capital, raised at a $3.5bn valuation.
Other existing backers include Menlo Ventures, CrunchFund, Goldman Sachs, Lowercase Capital, First Round Capital, Innovation Endeavors and several individual investors that committed funding between seed and series B stage.
Uber CEO Travis Kalanick said the company is six times bigger than at this stage last year, having expanded from a base in 60 cities across 21 countries to more than 250 cities across 50 countries, and will seek to expand just as quickly in 2015.
“This kind of continued growth requires investment,” he added. “This financing will allow Uber to make substantial investments, particularly in the Asia Pacific region.”