REPORT: Uber Is Trying To Raise At Least $1 Billion With A Valuation Of Over $17 Billion

Travis KalanickAPUber CEO Travis Kalanick

Uber is trying to raise at least $US1 billion in new capital at a valuation of over $US17 billion, The Financial Times reports.

The Times’ Tim Bradshaw reports that Uber is in early fundraising talks less than six months after raising $US1.2 billion at a $US17 billion valuation in a Series D in June.

Uber is already Silicon Valley’s highest-valued private company, and a new round would bring its total amount raised to $US2 billion.

A source told Bradshaw that Uber saw strong demand from investors this summer and is seeking the additional fundraise to “build a balance sheet ‘proportionate’ to the scale of its business.”

Uber currently operates in more than 128 cities in 45 countries around the world and is looking to continue its expansion into Asia, Latin America, Eastern Europe, and Africa. After its last fundraise in June, the company hinted at its ambitions by saying that, four years after launch, it is “just at the beginning of the Uber story.”

While it focuses on expansion, Uber is also involved in an increasingly tense rivalry with another car-hailing startup, Lyft. The two companies have tried to steal each other’s drivers and executives, and CEO Travis Kalanick has admitted that he’s tried to squash his competitor’s funding efforts in the past by telling investors that Uber would be raising money shortly after.

Meanwhile, Uber is also experimenting with package delivery by bicycle in New York City and food delivery in LA.

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