Uber wants to be the world’s private driving service. The company is amassing the war chest to do it, Mike Isaac and Michael J. de la Merced report.
The start-up closed a $1.2 billion round of financing on Thursday, with investors valuing the company at a staggering $40 billion.
That puts a new mountain of cash on top of the $1.5 billion that Uber had already raised. And it may collect even more: Uber may eventually sell an additional $600 million in stock, and it is working with Goldman Sachs to sell, potentially, another $1 billion in debt to some of the Wall Street firm’s wealthy private clients.
Uber’s ascent is one of the most rapid by a start-up in years. Five years ago, Uber was just an app that allowed customers to summon a private car with the push of a smartphone button. Since then, it has surged in growth to surpass even other members of Silicon Valley’s exclusive 11-digit club — start-ups whose valuations exceed $10 billion. Read more »