Uber has raised another round, this time at an enormous valuation of $41 billion. The round, which comes in as one of the largest ever at $1.2 billion, is set to continue adding fuel to the Uber fire.
In the past year alone, the on-demand transportation company has grown 600%. It now serves 250 cities in 50 countries, and aims to grow ever-faster - especially in the Asia Pacific region.
From the Uber blog announcing the mammoth raise, titled "the Ride Ahead," CEO Travis Kalanick said:
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 $1.2 billion, with additional capacity remaining for strategic investments. This financing will allow Uber to make substantial investments, particularly in the Asia Pacific region.
The startup didn't shy away from the recent controversies which have washed over mainstream press - it's not a stretch to say that this past period was one of Uber's most difficult on the PR front.
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.
Investors are clearly not perturbed by the revelations from the company's internal culture, and have gladly stepped up yet again with their checkbooks. Investors are also likely pleased with the company's regulatory progress, reducing risk and expanding the opportunity for the sector overall.
NB: Uber cash car image courtesy Shutterstock.