Uber has already raised more than $7 billion. But why stop there?
Uber filed paperwork in Delaware to raise another $2.1 billion at a new valuation of up to $68 billion. That's up from $52 billion earlier this year--and further separates the ride hailing app from the pack as the most valuable unicorn startup. In fact, at $2.1 billion, this round alone would be more than the all-time total funding for each of all but three other privately-held startups (Airbnb, Didi Kuaidi, and Flipkart).
The filing describes Uber's Series G round as the issuance of just over 43 million new shares at a per share price of $48.
"This is significant in that the last few rounds have been 'unicorns' themselves," says Justin Byers, Director of Business Intellegince at VC Experts. "I just wonder what [Uber's] burn is?"
Uber is growing rapidly, but it has been constantly thirsty for more money to launch in new markets, debut new services (like Uber Pool and Uber Eats), and recruit drivers and riders for its ever-expanding network. While Uber has distanced itself from rival Lyft in the United States, it also has fierce competition in foreign markets like China and India, where the company has pledged to spend billions to gain a foothold. Those countries have even larger potential for ride hailing due to their massive populations.
A source confirmed to Forbes that the round would include the venture capital arm of Tiger Global Management. Tiger Global is an interesting choice, since it has previously invested in some of Uber’s biggest competitors: Didi Kuaidi in China, Ola Cab in India, and GrabTaxi in Singapore.See the full Uber filing below via Scribd:
Additional reporting by Ryan Mac.
