Mobile Commerce

Uber Approaching $12 Billion Valuation

The little ride-sharing company that changed the face of transportation, Uber, is reportedly in talks to begin a monstrous $500 million dollar funding round - which, if successful, would place the company's valuation at right around $12 billion.

This mean that the value of Uber has potentially gone up $2 billion since PYMNTS first reported that the company was facing a $10 billion valuation one week ago. This new figure would also essentially triple Uber's valuation of early 2014--reports c-net.

The funding would place Uber firmly ahead of rival Lyft in the funding game - Lyft currently holds the lead with their recent $250 million dollar round. It would also make Uber one of the most valuable venture-backed start-ups in history.

Despite the potential for riches, Uber still faces challenges. The company finds itself trailed in cities worldwide by angry cab drivers unions and local police forces both of whom argue that the ride-sharing service is an illegal taxi service since drivers are not properly licensed.

Such funding would make the company one of the most valuable venture-backed startups and allow it to pull ahead of rival on-demand car service Lyft, which announced in April that it had raised $250 million in Series D funding.

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