On-demand ride-hailing service Uber has confirmed today that it has raised $1.2 billion in funding from a group of mutual fund managers and venture investors that values the company at $17 billion pre-money. The company said the total raise will end up being about $1.4 billion once it’s completed a second close of strategic investors.
New investors include Fidelity Investments, Wellington Management, and BlackRock Inc., according to the Wall Street Journal, with Summit Partners, Kleiner Perkins, Google Ventures, and Menlo Ventures also participating.
The valuation comes at a huge premium over its last raise, which happened just last summer. That funding round brought in $258 million from Google Ventures, and valued the company at around $3.4 billion. Altogether, the company has raised $1.5 billion since being founded in 2010.
The raise places it in an elite class, only Facebook has raised money at a higher valuation so far…
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