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Summary:

Uber is now officially one of the most valuable startups in the world, as it announced a $1.4 billion round of funding.

Yes, Uber really is worth that much.

The ridesharing service’s CEO Travis Kalanick announced in a blog post Friday that the company had raised $1.2 billion. With another bit of funding from strategic investors still in the pipeline, the company will raise $1.4 billion total at an $18.4 billion post-money valuation.

In the post, which also marks the company’s fourth birthday, Kalanick shared some stats: Uber operates in 128 cities in 37 countries, creating 20,000 new jobs per month. And they’re apparently not all low-paying gigs: a report from the Washington Post last week indicated that Uber drivers in New York City make a median of $90,766 a year and San Francisco drivers make $74,191. While it’s unclear exactly what the company will do with this massive round of funding, Kalanick says in the blog post that expansion is on the horizon.

“This ‘Uber’ way of life is really a reflection of our mission to turn ground transportation into a seamless service,” Kalanick wrote, “and to enable a transportation alternative in cities that makes car ownership a thing of the past.”

This article was updated to include Uber’s post-money valuation of $18.4 billion in place of the confirmed pre-money $17 billion valuation.

 

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10 Comments

  1. Uber scam, maybe Google should buy them?

  2. FB would pay 30B for them

  3. In the huge funding of $ 18.4 billion post money valuation, Google is one of the big investor for Uber. Due to the demand and growth, curious taxi apps also start funding with emerging technology.

  4. Lucas Laramie Wednesday, July 2, 2014

    I drove for Uber for slightly under two months and what I found is Uber is dangerous for public safety . Taking your eyes off the road to tap on your Uber device to receive a fare and more takes your eyes completely off of the road . Concentrating on your Uber device to receive fares can easily cause accidents due to distractive driving . Even if you, yourself cancels the fare you must proceed with why you are cancelling to the little icons on your Uber device and doing so is a distraction, period . There are 6 icons on your Uber device requesting why your cancelling & you must select one by tapping on one of the little green icons . This is usually done while driving diverting your eyes off the traffic ahead of you . This happened often ………. the client will cancel for one reason or another . You receive the cancellation notice while your driving and while your driving your eyes are taken off the road so you can respond to the beeping sound coming from your Uber device . This beeping sound indicates that the client has cancelled the fare . When getting close to the pick up location you are required to notify the client by again having to locate your Uber device while driving then tapping on the “ arriving now “ icon. This is equal to and just as dangerous then texting while driving . Distractive driving laws were put there for safety reasons which thus far Uber has ignored .
    Furthermore, there is no time limit to driving . Unlike Taxi drivers who are limited to a ten hour driving period in, San Francisco an Uber driver can drive for 20 hours straight or more . Too much driving creates fatigue often leading to confusion, , falling asleep, hallucinations, dozing off and considerably more inattentiveness which can cause accidents resulting in injury and even death .
    Being an Uber driver means you are subjected to violating traffic law such as take eight passengers in your car when there are only four seat belts or you will be FIRED by Uber . In my case I got a call to take nine passengers . Including myself that would have been ten people total all in a mini van . The weight itself is enough to cause my tires to rub against the wheel wells of my van creating sparks from stones trapped in the threading of my tires which could ignite the fuel tank causing an explosion even killing all those passengers that are trapped inside my mini Van . So, because I didn’t take all nine passengers out to, Isla Vista from downtown Santa Barbara and only took the legal amount of five, the passengers gave me a one rating . They were upset because they had to to order another Uber car to Isla Vista costing them more money . So, over safety concerns I was FIRED for doing what was lawfully right and after I explained to my, Santa Barbara – Uber representatives via email numerous times about having to take too many passengers creating unsafe driving conditions so I could be reinstated my repeated requests were ignored . The bottom line is i was FIRED by Uber for refusing to do something that was unlawful and dangerous . You are rated after each fare by your passenger(s) from one to five and if your rating is too low you will be blocked or for a better term
    2. “ fired “by Uber . This only encorages drivers to violate laws in order to maintain a high rating or their driving privileges and account with Uber will be deactivated . If your client is in a hurry the rating system will also cause drivers to run traffic signals at their passengers request . Again if you don’t you will be graded on your performance from 1 to 5 and in most all cases you will be given the lowest rating such as a one and you will be fired by Uber .
    There are no vehicle inspections required by Uber drivers meaning if your car’s brakes are failing or wipers not working it is still OK to drive in the rain . Does Uber care your brakes are failing or wipers aren’t working ? Probally not . They just want their 20% share of your fare and will claim no responsibility if your involved in an accident because they will say your an independent driver . Then if a claim is put against the driver’s insurance Company that claim will be denied because you were using the vehicle commercially . It is illegal to use your vehicle commercially unless you get commercial registration and insurance . Not getting commercial plates, insurances, licenses, permits will mean the loss of millions of dollars for States, Cities and municipalities . Uber drivers do not have commercial insurance, license plates, permits or registration for their vehicles so driving commercially for Uber is technically illegal .

  5. Lucas Laramie Wednesday, July 2, 2014

    If I am killed or murdered for posting exactly what happened to me and for telling you the absolute truth, Uber / Google will be behind it and possibly stage it as a robbery or something else . What I told in my post is true .

  6. I have been speaking with many owners, operators, and drivers, the conversation usually ends up with them complaining about what Uber is doing to their industry.
    What is surprising to me is that there is a solution that has been around for many years and works miracles for hotels and the hospitality industry, it can be implemented into the car service industry; which has these complex reservation systems, there is no centralized information/reservation source, limited selection for corporate users, no integration between buyers and sellers globally, very limited asset utilization, no centralized market exchange between buyers and sellers – I can go on and on. So, if anyone is looking for a solution it is here.

  7. Lucas Laramie Friday, July 4, 2014

    I am a California State Licensed Contractor and to get my Contractor’s license I had to study Law and trade to get my license in order to pass a State written exam . If I pass the exam the State requires me to obtain a surety Bond and next i had to get workers Comp. for my employees .
    When I build a house for you or anyone else I start with plans then I pay for a permit . Then it goes through plan check . As I begin Construction and as work progresses my work is inspected by a building inspector to make sure each phase of my work is done to building code . This assures safety . My permit pays for the inspectors work and all the red tape . If my roofer falls off the roof and injures himself I have insurance to cover his injury . When all work is completed it is signed off . Now as a unlicensed Contractor there are no permits, the work is sub – par, walls are crooked, electrical wiring is spliced and shoddy, plumbing is wrong and my roofer falls off the roof there is no insurance . Someone buys the house, plugs in a toaster and it starts a fire, home owner is shocked . Owner finds walls crooked and when toilet is flushed it drains into bathtub . So, now you ask yourself why did you ever by this mess by an unlicensed Contractor . The roofer files sues you because he was working on your property at the time of the accident and you hired an unlicensed Contractor with no insurance because he was bypassing the law .
    This is why I am as a Contractor required to get permits, why there are rules and regulations . Yet, now we have Uber/ Lyft/ SideCar thumbing their noses up at any and all rules, insurances,regulations and as a result we have problems .
    I have nothing against Uber and I think the idea is innovative, clever and superior . I wish them well but they cannot continue to ignore any and all rules, regulations, permits and insurance just like me and just like every commercial driver out there . These rules apply to everyone . They are put these for safety and for you the consumer and Uber can’t keep sticking their noses up at laws, rules and regulations without creating problems for everyone .

  8. Lucas Laramie Saturday, July 5, 2014

    Robb Nunya………….. an obvious.spammer and UBER driver .

  9. Lucas Laramie Saturday, July 5, 2014

    Robb Nunya……………an obvious Uber driver .