Chinese smartphone maker Xiaomi is negotiating a capital raise of $US1.5 billion ($A1.75 billion), at a valuation of $US40 billion, in the largest private financing for a venture-backed company since Facebook in 2011.
The company is speaking with investors including DST – the Russian internet company that also backed Alibaba, Facebook and Airbnb, with a deal yet to be finalised, sources told CNBC.
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Both Wall Street and Silicon Valley investors are largely uninvolved in the Xiaomi raise, instead the company is hoping to secure funds from Asia-based investors.
Uber seeking to raise $1 billion at a valuation over $17 billion
Transportation network startup Uber is in early talks with investors about raising $1 billion in new capital, the Financial Times reports.
The talks come less than six months after Uber received $1.2 billion in funding at a valuation of $17 billion. After strong interest from investors, the company is looking to take the opportunity to build a balance sheet “proportionate” to the scale of its business, a source told the Financial Times.
Microsoft completes Minecraft purchase
Microsoft has completed its $2.5 billion acquisition of Minecraft developer Mojang, the head of Microsoft’s Xbox Division Phil Spencer says.
Spencer had previously confirmed that although Microsoft was making Mojang a first-party developer, it had no intention of forcing a halt to Minecraft development on any non-Microsoft platforms.
The Dow Jones Industrial Average is up 19.46 to 17,573.93. The Australian dollar is currently trading at US87 cents.