Business

Uber Just Raised A New Round Of Funding, And Its Valuation Is Astronomical

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Steve Ambrose Contributor
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It looks like Uber could be following in the footsteps of Jerry Maguire and yelling “show me the money” if the popular transportation company gets its way.

Uber is hoping to raise nearly $2.1 billion in its next round of financing, which will bring the valuation of the company to an astonishing $62.5 billion, unnamed sources told Bloomberg Dec. 3.

“Uber has closed investments from Tiger Global Management and T. Rowe Price, and it’s also seeking strategic investors with shared business interests…Microsoft, kicked in about $100 million as part of a previous round for the San Francisco ride-hailing company,” Bloomberg reports.

Tiger Global Management and T. Rowe Price are financial giants that invest in local and global public markets.

Uber tells investors its gross revenue is $10 billion globally.

The funding is a reflection of Uber’s expansion into a variety of transportation services and its expansion into different markets outside of the U.S.

In addition to its standard riding services, it also started UberRUSH, which is an on-demand delivery service that operates through various partnerships between local businesses and Uber. The company has also been eyeing China–and its one billion potential consumers–as prime territory to expand its business. (VIDEO: Uber Takes Aim At Amazon With UberRush Delivery Service?)

To put the fundraising into perspective, Lyft, one of Uber’s primary competitors, is hoping to raise about $500 million. According to Business Insider, this valuation makes Uber the most valuable private company in tech.

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Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.