Uber CEO Says Seeking Funding at Record

Bloomberg News

Uber Technologies Inc. Chief Executive Officer Travis Kalanick said the mobile car service is seeking to raise funds at a 'record-breaking' valuation.

Kalanick said he's aware of fundraising reports, some of which peg the value of the company as high as $17 billion, he said today at the Code Conference in Rancho Palos Verdes, California.

'We are raising money right now,' Kalanick said. 'This one could be record breaking. I think folks have seen what's been reported.'

Uber, which has rolled out its ride-sharing service in 115 cities globally, is in talks with investors to raise money that will value the San Francisco-based company at more than $10 billion, people with knowledge of the matter said earlier this month. That would make Uber one of the most richly-valued private technology companies, along with Dropbox Inc. and Airbnb Inc.

Uber was founded by Kalanick and Garrett Camp in 2009. The company has raised $307.5 million from investors including Benchmark, TPG Capital and Google Ventures.

Uber and its main competitor Lyft Inc. have faced numerous regulatory and legal challenges since getting started. Both startups were accused last week of racketeering in a lawsuit by Connecticut taxi and livery firms, which said the companies 'prey parasitically' on established services.

To contact the reporters on this story: Ari Levy in San Francisco at alevy5@bloomberg.net; Brian Womack in San Francisco at bwomack1@bloomberg.net

To contact the editors responsible for this story: Pui-Wing Tam at ptam13@bloomberg.net Reed Stevenson


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