Mobile Commerce

Uber Valuation Hits $41 Billion

Mobile cab service Uber Technologies is now valued at $41 billion, thanks to its latest round of funding.

"We have just raised a financing round of $1.2 billion, with additional capacity remaining for strategic investments," CEO Travis Kalanick wrote in a blog post Thursday (Dec. 4). "This financing will allow Uber to make substantial investments, particularly in the Asia Pacific region."

Kalanick added: "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."

Uber has now raised eight times as much as its closest ride-sharing rival, Lyft, reported The Wall Street Journal. "Uber is now valued at $41.2 billion, easily the highest for any private startup now backed by venture capitalists, and above the market capitalizations of publicly traded companies including Delta Air Lines, Charles Schwab, and Kraft Foods," the Journal said.

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