--- description: Ride-hailing car service Uber has closed a $1.2 billion venture funding round, valuing the company at $17 billion. The eye-popping figure, more than quadruple Uber’s... title: Uber Reaches $17 Billion Valuation in New Funding Round image: https://static.time.com/v3/assets/bltea6093859af6183b/bltde093bcdab65f2d0/6988d9b9bc6cfc69913e2a3c/time-logo.jpg?branch=production --- * [World](/section/world/) ## World Update your preferences in [Account Settings](/account/preferences/) Close * [Companies](/tag/companies/) ## Companies Update your preferences in [Account Settings](/account/preferences/) Close # Uber Reaches $17 Billion Valuation in New Funding Round by [Victor Luckerson](/author/victor-luckerson/) ## Victor Luckerson Update your preferences in [Account Settings](/account/preferences/) Close Jun 6, 2014 7:27 PM CUT by [Victor Luckerson](/author/victor-luckerson/) ## Victor Luckerson Update your preferences in [Account Settings](/account/preferences/) Close Jun 6, 2014 7:27 PM CUT Ride-hailing car service Uber has closed a $1.2 billion venture funding round, valuing the company at $17 billion. The eye-popping figure, more than quadruple Uber’s worth a year ago, makes the company one of the most highly valued startups of all time. “With our growth and expansion, the company has evolved from being a scrappy Silicon Valley tech startup to being a way of life for millions of people in cities around the world,” CEO Travis Kalanick said in a [blog post](http://blog.uber.com/4years "undefined") announcing the new funding. Investors in the funding round included Fidelity Investments, Wellington Management, BlackRock Inc. and Google Ventures, according to the [_Wall Street Journal_.](http://online.wsj.com/articles/uber-gets-uber-valuation-of-18-2-billion-1402073876 "undefined") The startup plans to raise an additional $200 million before it closes the funding round. Uber, which allows users to hail car rides through a mobile app, is available in 128 cities in 37 countries. The company has expanded from its original luxury car service to offer a cheaper ride-sharing program similar to competitors such as Lyft and a courier service currently being tested in New York. Last December the company [confirmed](http://allthingsd.com/20131204/uber-essentially-confirms-revenue-estimates-but-bristles-over-source-of-valleywag-report/ "undefined") that it was generating gross revenue of more than $20 million per week, or more than $1 billion per year. ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/2839410/uber-17-billion-valuation/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/2839410/uber-17-billion-valuation/"},"headline":"Uber Reaches $17 Billion Valuation in New Funding Round","datePublished":"2014-06-06T19:27:36.000Z","dateModified":"2026-04-13T08:02:25.716Z","description":"Ride-hailing car service Uber has closed a $1.2 billion venture funding round, valuing the company at $17 billion. The eye-popping figure, more than quadruple Uber’s...","url":"https://time.com/2839410/uber-17-billion-valuation/","keywords":["Companies","Tech","Startups","Uber","ride sharing"],"thumbnailUrl":"","author":[{"@type":"Person","name":"Victor Luckerson","jobTitle":null,"url":"https://time.com/author/victor-luckerson/"}],"articleSection":"World","image":[],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/world/","name":"World"}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/companies/","name":"Companies"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/2839410/uber-17-billion-valuation/","name":"Uber Reaches $17 Billion Valuation in New Funding Round"}}]}] ```