12/8/2014

Uber Car-Share Service Valued at $41 Billion

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Uber Technologies Inc. says its latest $1.2 billion in funding valued the five-year-old company at $41 billion.

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Uber Technologies Inc. says its latest $1.2 billion in funding valued the five-year-old company at $41 billion.

Based in San Francisco, the car-share service has expanded over the past year from operations in 60 cities and 21 countries to 250 cities and 50 countries. The business offers a smartphone app with which a user can hail a taxi operated by a professional service or an independent driver using a private vehicle.

Uber says the new cash infusion from unidentified investors will help it continue rapid expansion in Asia. The company also will test a new parcel delivery service.

Some of the funding will be used to deal with legal battles in numerous locations over demands that Uber drivers comply with established taxi operating regulations.