Uber’s fast rise to $50 billion reflects its aggressive global expansion into more than 300 cities and growing popularity ferrying millions of riders daily. PHOTO: ANDREW HARRER/BLOOMBERG NEWS
Uber Technologies Inc. has completed a new round of funding that values the five-year-old ride-hailing company at close to $51 billion, according to people familiar with the matter, equaling Facebook Inc.’s record for a private, venture-backed startup.
Uber raised close to $1 billion in the round, one of the people said, bringing the San Francisco company’s total funding to more than $5 billion. Uber had briefed investors on a plan to raise between $1.5 billion and $2 billion in the round, The Wall Street Journal reported in May.
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