Uber filing shows investments giving startup a $3.5B valuation
Despite regulatory resistance in some markets, the provider of an alternative car service raises $350 million in recent funding.
A recent Uber funding round has racked up an impressive $3.5 billion valuation for the provider of an alternative car service.
According to an Uber filing earlier this month with the state of Delaware, private equity giant TPG made an investment of $88 million in the privately held company. Additionally, Google Ventures has made an investment of about $250 million in the San Francisco startup, sources who have seen other company filings told AllThingsD, which was first to report the new valuation.
Though Google Ventures is not named in the August 1 filing, the Web giant made its investment after Google CEO Larry Page met with Uber CEO Travis Kalanick, ATD reported. Existing investor Benchmark Capital also participated in the recent funding round, which totaled $350 million, while Menlo Ventures appears to have sat this one out.
CNET has contacted Uber for comment and will update this report when we learn more.
Despite earlier regulatory resistance, the company has been on a roll lately, with a presence in 35 US and overseas markets. After making inroads with regulators in Boston and New York, Uber appears to have gotten the green light in California after the state's Public Utilities Commission published a proposal that would let ride-sharing app companies operate in the state.
The company has also hit road blocks in Washington, D.C. -- the most recent of which came down this week after the D.C. Taxi Commission passed new regulations that allow only for the use of larger sedans as for-hire vehicles and outlaw the use of midsize vehicles, like the kind Uber uses.