Light Reading

Uber Drives Mobile App Bubble With $1.2B VC Round

Dan Jones
6/9/2014
50%
50%

The fast-growing ride-sharing company Uber revealed that it has pulled in a whopping financing round of more than $1 billion -- further proof of the venture capital cachet of mobile driver and automotive apps at present.

Uber CEO Travis Kalanick revealed in a blog post that the company "just closed a financing round with some of the leading investors in the world, raising $1.2B of primary capital at a $17B pre-money valuation." Uber could bring in some "strategic investors" to close the round at $1.4 billion.

Uber has now raised around $1.5 billion in funding. The company was founded in March 2009. (See Mobile Services Are Next Uber Trend and Baby, You Can Fund My Car: Uber Drives August VC.)

Kalanick wrote that Uber is "changing the fabric" of the 128 cities -- in 37 coutries worldwide -- where it operates. "At our current rate, Uber is responsible for directly creating 20,000 new jobs per month, and powering billions in economic impact in cities around the world -- while also improving the environment, reducing DUI rates and fueling urban economic development."

It is possible that AT&T Inc. (NYSE: T) could be one of the forthcoming strategic investors in Uber. The carrier recently signed a service and apps deal with the startup. (See Uber Thumbs a Wireless Ride With AT&T.)

And Uber isn't the only ride-sharing app startup pulling in fat valuations. Lyft scored a $250 million round in April. (See Lyft Drives Mobile VC Funding to $1.4B in April.)

For the time being, these startups are helping to drive a new mobile app bubble. (See Mobile Bubble, Mo' Trouble and Finding the Buzz in the Mobile Bubble.)

— Dan Jones, Mobile Editor, Light Reading

(1)  | 
Comment  | 
Print  | 
Newest First  |  Oldest First  |  Threaded View
ndotseo3249
50%
50%
ndotseo3249,
User Rank: Light Beer
6/25/2014 | 5:44:22 AM
Uber funding
Already Google is one of the huge investor for uber, so they can easily close the fund of $1.5 b by seeking stategic investor. Due to its huge demand in mobile app market, investors ready to invest the fund in those ride share services.
Flash Poll
From The Founder
The New IP is actually bigger even than business. Like another hugely important tech that Light Reading is digging into right now, the New IP has the potential to change the world by fundamentally advancing what it is possible for people to achieve with communications.
LRTV Huawei Video Resource Center
The Power of Five Convergences in OceanStor OS

3|4|15   |   6:24   |   (0) comments


OceanStor OS is Huawei's brand-new storage operating system. While inheriting the consistent high stability, reliability and performance from the company's previous storage products, OceanStor OS abounds in new converged storage features. Specifically, the new storage operating system achieves "five convergences" to lift storage convergence to a higher level.
LRTV Huawei Video Resource Center
4K Brings Extreme Video Experience

3|4|15   |   8:10   |   (0) comments


4K video is a hot topic in the video industry. It will certainly bring an extreme video experience to end users. At the same time, however, it will also pose a big challenge to operators. Check out this Huawei 4K experts' discussion about how operators can achieve success in 4K video service.
LRTV Interviews
DT's Virtualization Vision for Europe

3|4|15   |   10:23   |   (0) comments


Light Reading CEO Steve Saunders talks virtualization, cloudification and standards with Deutsche Telekom's Axel Clauberg at Mobile World Congress.
LRTV Custom TV
ZTE's Wireline at MWC 2015

3|4|15   |   6:35   |   (0) comments


Light Reading speaks with Jane Chen, ZTE's Senior VP of Wireline Business, about innovations in her product line at Mobile World Congress.
LRTV Custom TV
ZTE at MWC 2015

3|4|15   |   4:24   |   (0) comments


Dr. Dick Chen of ZTE USA gives Light Reading an overview of what's new at ZTE's pavilion at Mobile World Congress 2015.
LRTV Interviews
Ericsson CEO Talks Telco Data Center Tech

3|4|15   |   05:45   |   (0) comments


At Mobile World Congress, Ericsson CEO Hans Vestberg discusses telco data center technology, business models, small cells and more.
Between the CEOs
EXCLUSIVE: Cisco's Chambers on Reinvention

3|3|15   |   8:24   |   (1) comment


Light Reading CEO Steve Saunders talks transformation and virtualization – including Light Reading's independent testing of the vendor's virtualization solutions – with Cisco CEO John Chambers at Mobile World Congress in Barcelona.
LRTV Documentaries
The Three Cs of MWC15

3|2|15   |   2:33   |   (1) comment


My visit to this year's Mobile World Congress is going to dominated by three Cs – cloud, cells and coffee.
LRTV Huawei Video Resource Center
Huawei Shares Its Vision of the Future of Mobile Networks Innovations

2|26|15   |   2:30   |   (0) comments


Mobile broadband is changing our lives. It's reshaping the Internet, industry, and society. It allows us to freely connect with one another anytime, anywhere. At this year's Mobile World Congress, Huawei will share its latest insights and newest ideas and technologies that will shape the future of MBB. They will showcase their end-to-end MBB solutions that will ...
LRTV Huawei Video Resource Center
Accelerate Digitizing, Boost Digital Business

2|26|15   |   6:14   |   (0) comments


A new digital revolution is leading us to a better connected world. Together with millions of digital partners, Huawei will help CSPs to build their digital service ecosystem and aggregate a wide variety of digital services. In this video, we find out how Huawei is going to help CSPs implement digital operations.
LRTV Huawei Video Resource Center
The Secret Recipe to Enabling Hyper-Growth Industries

2|26|15   |   3:38   |   (0) comments


With a number of successful cases on network capability exposure, Huawei is going to share the secret recipe to enabling hyper-growth markets with a step-by-step approach.
LRTV Documentaries
BTE 2015 Is Bigger & Even Better

2|25|15   |   03:13   |   (4) comments


This year's Big Telecom Event (BTE) in Chicago is going to provide more opportunities than ever for networking, getting to grips with key industry challenges and opportunities and, equally as important, having some fun.
Upcoming Live Events
March 17, 2015, The Cable Center, Denver, CO
April 14, 2015, The Westin Times Square, New York City, NY
May 12, 2015, Grand Hyatt, Denver, CO
May 13-14, 2015, The Westin Peachtree, Atlanta, GA
June 8, 2015, Chicago, IL
June 9-10, 2015, Chicago, IL
June 9, 2015, Chicago, IL
June 10, 2015, Chicago, IL
All Upcoming Live Events
Infographics
Net neutrality, broadband services and the current outlook on data consumption, as presented by the New Jersey Institute of Technology.
Hot Topics
Internet Pioneers Decry Title II Rules
Carol Wilson, Editor-at-large, 3/2/2015
Wheeler: We'll Enforce Title II 'Case-By-Case'
Sarah Thomas, Editorial Operations Director, 3/3/2015
Verizon Takes Radio Dot to Detroit, VoLTE Overseas
Sarah Thomas, Editorial Operations Director, 2/27/2015
FCC Adopts Title II Rules
Alan Breznick, Cable/Video Practice Leader, 2/26/2015
Like Us on Facebook
Twitter Feed
Webinar Archive
BETWEEN THE CEOs - Executive Interviews
Check out Light Reading's interview with Jay Samit, the newly appointed CEO of publicly traded SeaChange International Inc. With a resume that includes Sony, EMI, and Universal, Samit brings a reputation as an entrepreneur and a disruptor to his new role at the video solutions company. Hear what he had to say about the opportunities in video, as well as the outlook for cable, telco, OTT and mobile service providers.