Uber Is Raising Another $1 Billion For A $70 Billion Valuation

Uber Raising More Money

In June 2015, Uber was valued at $18.2 billion. Soon, it could be worth $70 billion.

According to CNNMoney the ride-sharing service is looking to secure another $1 billion in funding. The raise would value the company between $60 billion and $70 billion.

Uber already claims the title as the most valuable privately-held company in the world, valued at more than Chinese smartphone company Xiaomi, which is already profitable.

$70 billion is a huge number, but it’s important to remember that investors only think the company is worth that much money. As of now it is all billions of dollars on paper.

When the $1 billion funding round closes it will be the eight round of capital for the ride-sharing service since it launched five years ago.

To put the company’s valuation in perspective, it would be worth more than Ford and GM.

The company now runs its service in more than 300 cities and 63 countries.

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CEO Travis Kalanick said last week that the company won’t be going public¬†anytime soon.

Uber plans to use the $1 billion it raises to expand service in the United States and fight off competing apps in other parts of the world.

Written by Lane Hanson

Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies.