The Uber taxi firm raised more than $1.2 billion from investors in its latest stage of fundraising, which now helps to value the business at $40 billion.
Back in June, Uber had been valued at $17 billion following sales of shares to investors.
However, following this latest round of investment, the San Francisco based company is officially one of the most highly valued technology startups in the world today.
Uber’s co-founder Travis Kalanick announced in a blog post, which appeared on the Uber site on Thursday, the new investment would be used to help the company expand its operation in Asia.
This is despite the company being on the receiving end of much criticism from local taxi drivers and authorities in some countries around the world.
Only last week, Uber was declared illegal in Thailand after the Department of Land Transport expressed concerns about a number of issues including drivers not having valid documentation and passenger safety.
Despite being widely regarded as a taxi firm, Uber does not in fact own any cars or even employ drivers. Instead it connects its customers to vehicles via its mobile app, which according to Uber will bring much need competition to the taxi industry around the world.
Uber is, however, facing increasing competition from companies offering similar services. Perhaps most notable of these companies and one which is also available in Thailand is Grab Taxi, which itself was subject of a hefty $250 million investment earlier this week from Tokyo based mobile giant Softbank.
No details of Uber’s latest investors have yet been revealed, however, previous investors include Google Ventures, Goldman Sachs and Jeff Bezos, founder of Amazon.
According to the Wall Street Journal, Uber’s new investors include Middle East sovereign wealth fund, Qatar Investment Authority, the worlds largest and oldest venture-capital firm, New Enterprise Associates and two large hedge funds, Lone Pine Capital and Valiant Capital Partners.
The investment from Qatar is interesting as Uber is looking to strengthen and build powerful allies overseas who can help with its expansion in new locations.
The Qatar Investment Authority is a $300 billion sovereign wealth fund which has invested in a wide range of high profile assets including Royal Dutch Shell, Paris Saint Germain Football Club, the Harrods Group, Sainsbury’s PLC, Barclays and Credit Suisse. It also owns a 17% stake in Volkswagen and stakes in the tallest building in the European Union, the Shard.
Jonathan is our Google Nexus and Android enthusiast. He is also fanatical about football which makes it all the more strange that he should support Stockport County. In addition to writing about tech, Jonathan has a passion for fitness and nutrition and has previously written for one the UK’s leading watch and horology websites.