LetterOne (L1), a Luxembourg-based investment firm focused on the telecommunications, technology and energy sectors, invested $200m in US-based ride hailing company Uber today.
Uber, which is backed by corporates including internet technology conglomerate Alphabet and internet company Baidu, is currently present in 377 cities worldwide and was responsible for more than 1.4 billion rides in 2015.
L1s investment came a week after Uber unveiled a new logo (pictured above) and two months after news emerged that it is seeking to raise $2.1bn in funding at a $62.5bn valuation, increasing its overall financing to more than $10bn.
In addition, the firm’s Chinese subsidiary recently raised funding from airline group HNA, carmaker Guangzhou Automobile and insurer China Life Insurance at a $7bn valuation.
Uber CEO Travis Kalanick said: “Every day millions of people rely on Uber to get from A to B. Hundreds of thousands of drivers use our app to make money. Our goal is simple: reliable and affordable transportation everywhere, for everyone, at the push of a button.
“L1’s knowledge of emerging markets will be crucial in helping us make cities more accessible, opening up more possibilities for riders and more opportunities for drivers.”
Additional existing Uber investors include media and internet company Times Group and insurance firm Ping An.