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Uber

Uber valuation hits top end of expectations at $40bn

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By John Glenday, Reporter

December 5, 2014 | 1 min read

Vehicle hire app Uber has met the top end of expectations for the latest stage of a fundraising drive after raking in $1.2bn from investors, valuing the firm at $40bn.

It is latest cash windfall to hit the digital firm following a sale of shares to investors in June which netted it $17bn and puts the company ahead of stalwarts such as ITV and Marks & Spencer in terms of market valuation.

Writing on the company blog Uber founder Travis Kalanick said the cash would fuel ‘substantial investments’ across the Asia Pacific region. He said: “Events of the recent weeks have shown us that we also need to invest in internal growth and change."

Uber hasn’t had a clear run however after the business fell foul of taxi drivers irate at what they saw as undercutting their fares., although this hasn’t deterred the likes of Goldman Sachs and Amazon founder Jeff Bezos from investing.

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