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Uber Technologies, one of the world’s most valuable private tech companies raised $1.2 billion in a round that could swell to $1.8 billion in new funding.
According to documents filed on Thursday in Delaware and uncovered by VC Experts, a private company research firm, Uber authorized $1.8 billion-worth of new shares for an investment round that could value the San Francisco-based car-hailing service at about $40 billion. Shortly following the revelation of those filings, Uber CEO Travis Kalanick issued a statement that the company had raised “$1.2 billion, with additional capacity remaining for strategic investments.”
It’s unclear which institutional investors bought new shares in the company, which will double its total funding if it’s able to sell all of the 13.5 million shares authorized at a price
of about $133.27 each. Prior to Thursday’s announcement, Uber, which was previously valued at $18.2 billion, had raised about $1.6 billion total. That included a $1.2 billion round six months ago from investors such as BlackRock BLK +1.07% and Google GOOGL +1.05% Ventures.
Earlier reports suggested that the company was raising more than $1 billion at a valuation that would top $30 billion. An Uber spokesperson did not immediately respond to requests for comment regarding the company’s additional plans for the investment round.
Given its full authorization of shares, Uber has the ability to raise an additional $600 million if needed. VC Experts’ Justin Byers expects Uber to be valued at around $40 billion if it were to complete the full round of financing, a move that would reaffirm the company as one of the most valuable startups on Earth. In October, FORBES reported that Chinese smartphone maker Xiaomi, was also looking to raise at more than a $40 billion valuation.
Uber’s ability to fundraise seems unaffected by recent controversy stemming from a high-ranking executive’s threats to dig into the personal lives of critics. In his statement, Kalanick acknowledged the company’s previous missteps and called them “significant growing pains.”
“The events of the recent weeks have shown us that we also need to invest in internal growth and change,” he 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.”
Kalanick, who is a billionaire off his company’s success, said that the new money will help the company grow in the Asia Pacific region where it faces growing competition. On Wednesday, Japanese tech and investment giant SoftBank invested $250 million in GrabTaxi, which has built a strong following for its Uber-like app in Southeast Asia. Last month, SoftBank also led a $210 million round in India’s Ola Cabs, the country’s first online booking service for taxis.
