World's Most Valuable Startup? Uber Could Soon Be Worth $50 Billion
SAN FRANCISCO (CBS SF) – Uber is reportedly seeking a new round of financing that could make the San Francisco-based ridesharing startup worth $50 billion, before offering publicly traded stock.
According to the New York Times, Uber is looking to raise $1.5 billion. The money would not be used to expand the ridesharing service, but would be used on partnerships instead.
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Since last June, Uber has raised $2.4 billion. The Times reported that Uber's valuation has gone up sharply, from $17 billion last June to $40 billion last December.
After being founded in 2009, Uber has disrupted the taxi industry and has expanded worldwide. In March, the number of Uber cars in New York City passed the number of traditional taxicabs.
A $50 billion Uber would be the world's most valuable private startup. To put that number in perspective, Uber would be worth more than FedEx ($48 billion) and Nissan ($47 billion). Facebook is the only other Silicon Valley startup that was valued at $50 billion before its initial public offering.