Uber Looking for $1bn in Funding

Got a few spare million in your back pocket? Popular rideshare service provider Uber is seeking to bankroll their global expansion by raising another $1 billion in funding – adding to their expected valuation total of $25 billion.

Currently utilized in countries such as Australia and America, Uber is looking to broaden it’s services to Europe, Asia, Latin America and Africa – including an increase in services offered within its home-state of America. The San Francisco-based company is looking to add $1 billion to the kitty, on top of $1.5 billion already raised to-date – following their previous June 2014 round of $1.2 billion.

It seems that expansion is imminent, travel and expense service company Concur is already integrating Uber for its corporate users, alongside airlines such as United implementing Uber services into their end-user apps for mobile. Reports claim that this round of funding is likely to include already-invested companies such as Fidelity Investments and Blackrock – but some fresh faces are needed to complete the asked target.

Comparing Ubers predicted $25 billion valuation with their competitors, you can see they’re already becoming a cut above the rest. Car hire company Hertz is rated at $10 billion and Avis Budget is sitting at $6.1 Billion – this includes all of their vehicles owned globally, let’s not forget that Uber is merely a rideshare service, not a vehicle hiring company.

Image courtesy of Reuters