Uber Technologies Inc. is close to raising a round of financing that will value the company at $35 billion to $40 billion, Bloomberg reported Tuesday, citing people with knowledge of the situation.
Uber is a ridesharing service based in San Francisco, which operates in multiple international cities. The highly valued startup was founded as "UberCab" in 2009 by Garrett Camp and CEO Travis Kalanick. The company has currently rolled out its car-booking services to more than 220 cities worlwide.
According to the Bloomberg report, T. Rowe Price Group Inc. (TROW) is in talks to be a new investor, while existing investor Fidelity Investments will also participate in the new funding. Uber plans to raise at least $1 billion.
If Uber completes the latest round of financing, its valuation of $40 billion would be more than double the $17 billion value from a financing round it completed in June 2014. At that time, the company's CEO Kalanick said in a blog post that Uber closed a financing round, raising $1.2 billion of primary capital at a $17 billion pre-money valuation.
A value of about $35 billion to $40 billion would put Uber at about the same size as salesforce.com Inc. (CRM), Delta Airlines Inc. (DAL) and Kraft Foods Group Inc. (KRFT), according to the Bloomberg report.
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