UBER reported to be valued at $40 billion by investors


UBER , one of the leading smartphone app connecting riders with drivers, has grown rapidly since its launch five years ago. It now has cars driving around 204 cities in 45 countries, and the company claims to cover 55 percent of the US population with its offering. In addition to Fidelity, existing Uber shareholders include Benchmark, First Round Capital, Lowercase Capital, Menlo Ventures, Google Ventures, TPG Capital, Summit Partners, Wellington Management, BlackRock and Kleiner Perkins Caufield & Byers.

Uber Technologies Inc. is all set for a new round of funding at a valuation of between $35 billion and $40 billion (according to a new report from Bloomberg). T. Rowe Price Group Inc. is reportedly among the company’s new investors, along with existing investor Fidelity Investments. This would be one of the richest “venture capital” rounds in history and  would essentially double the value of Uber since its previous round of funding. According to reports, Uber is raising at least $1 billion.

The reported new funding round comes five months after the company announced it had raised $1.2 billion from a consortium of institutional investors, mutual funds, private equity and venture capital partners. If Uber completes the funding, a valuation of $35 billion to $40 billion would more than double its $17 billion value from a June financing. Uber is one of the U.S. technology startups that are valued in the eleven-digit range, including Airbnb Inc. and Dropbox Inc.

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