Uber scores $US1.2 billion in funding as founder admits to growing pains

Uber scores $US1.2 billion in funding as founder admits to growing pains

Transportation network startup Uber has raised $US1.2 billion ($A1.43 billion) in new funding, Re/code reports.

Overnight a regulatory filing in Delaware by the company revealed it’s planning to raise as much as $US1.8 billion.

Uber is six times bigger than it was 12 months ago, when it was operating in 60 cities and 21 countries. Today, its services are available in 250 cities and 50 countries.

But in a post announcing the funding round, Uber founder Travis Kalanick revealed that growth has led to growing pains.

Recently Uber was criticised after an executive suggested the company should dig up dirt on its critics in the media, and for attempting to derail its main competitor’s fundraising.

“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,” Kalanick said.

“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.”

“Fortunately, taking swift action is where Uber shines, and we will be making changes in the months ahead. Done right, it will lead to a smarter and more humble company that sets new standards in data privacy, gives more back to the cities we serve and defines and refines our company culture effectively.”

This latest round of funding will help Uber continue its growth and be used for substantial investments, particularly in the Asia-Pacific region.

“In 2015 alone, Uber will generate over 1 million jobs in cities around the world and with that millions of people may decide that they no longer need to own a car because using Uber will be cheaper than owning one,” Kalanick said.

Follow SmartCompany on Facebook, LinkedIn and Twitter.


Notify of
Inline Feedbacks
View all comments
SmartCompany Plus

Sign in

To connect a sign in method the email must match the one on your SmartCompany Plus account.
Or use your email
Forgot your password?

Want some assistance?

Contact us on: support@smartcompany.com.au or call the hotline: +61 (03) 8623 9900.