Uber Raises New $1.2 Billion Round Of Funding

Chris CrumBusiness

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Uber is trying to put that whole PR fiasco it had to deal with last week behind it. The company is now dominating headlines for announcing that it has raised a new $1.2 billion round of funding, so it's definitely moving forward in terms of storylines.

The funding was expected, and previously reported, but is now confirmed.

The company did at least acknowledge the unfortunate situation that led to the aforementioned week of bad press. Here's a snippet from the announcement:

This kind of continued growth requires investment. To that end, we have just raised a financing round of $1.2 billion, with additional capacity remaining for strategic investments. This financing will allow Uber to make substantial investments, particularly in the Asia Pacific region.

This kind of growth has also come with significant growing pains. 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. 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 back more to the cities we serve and defines and refines our company culture effectively.

In case you missed it, the company had come under fire after an executive made comments about digging up dirt on journalists who reported unfavorably about the company. The story was a lot more complex than that (and you can get a more detailed refresher here), but that's the basic gist.

According to the Wall Street Journal, new investors contributing to Uber's funding include Qatar Investment Authority, Valiant Capital Partners, Lone Pine Capital, and New Enterprise Associates.

The round has pushed Uber up to a $41 billion valuation.

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Chris Crum

Chris Crum has been a part of the WebProNews team and the iEntry Network of B2B Publications since 2003. Follow Chris on Twitter, on StumbleUpon, on Pinterest and/or on Google: +Chris Crum.