Uber just raised $US1.2 billion, CEO Travis Kalanick announced on the company’s blog. The ride-hailing and logistics startup has raised $US2.7 billion since its founding in 2010.
The company didn’t announce its valuation, but Business Insider can confirm that it was $US40 billion.
Uber says it will use the $US1.2 billion to create more than 1 million jobs in 2015 and to “make significant investments, particularly in the Asia Pacific region.”
To see why investors are going nuts over Uber, check out the company’s revenue and active user data here. A few of Uber’s earliest markets are generating hundreds of millions in revenue per year. Uber is currently available in 250 cities around the world.
Here’s the post from CEO Travis Kalanick.
2014 has been a year of tremendous growth for Uber. It was just a year ago that Uber was operating in 60 cities and 21 countries — today we are in over 250 cities in 50 countries. We are 6 times bigger today than 12 months ago — and grew faster this year than last. This progress is remarkable, but it is in the coming years that Uber truly scales and the impact in cities becomes visible.
In 2015 alone, Uber will generate over 1mm jobs in cities around the world and with that millions of people may decide that they no longer need to own a car because using Uber will be cheaper than owning one. Parking could become less strained in our biggest cities, and city congestion may actually start to ease due to uberPOOL’s expansion and success.
This kind of continued growth requires investment. To that end, we have just raised a financing round of $US1.2 billion, with additional capacity remaining for strategic investments. This financing will allow Uber to make substantial investments, particularly in the Asia Pacific region.
This kind of growth has also come with significant growing pains. The events of the recent weeks have shown us that we also need to invest in internal growth and change. Acknowledging mistakes and learning from them are the first steps. We are collaborating across the company and seeking counsel from those who have gone through similar challenges to allow us to refine and change where needed.
Fortunately, taking swift action is where Uber shines, and we will be making changes in the months ahead. Done right, it will lead to a smarter and more humble company that sets new standards in data privacy, gives back more to the cities we serve and defines and refines our company culture effectively.
We have an interesting journey ahead and I’d like to thank all of the riders, drivers and Uber employees who have made it possible to get this far. I’m inspired and energized every day by the work we do, the people in our community we serve and the impact we can have in bringing positive change to cities around the world.
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