Uber Fundraises at $17 Billion Valuation

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On-demand transportation app Uber has raised $1.2 billion funding round at a staggering $17 billion valuation. 

Uber CEO Travis Kalanick announced the funding on the company blog Friday morning, noting that "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."

He noted that the funding round -- led by mutual-fund managers Fidelity Investments, Wellington Management and BlackRock, according to the Wall Street Journal -- will soon grow to $1.4 billion after the company adds a handful of additional investors. The four-year-old company's $17 billion pre-money valuation, the largest ever for a private tech company, means that Uber is worth $18.2 billion with the close of the funding round. 

Since launching in San Francisco in 2010, Uber has grown operations to 128 cities in 37 countries around the world. The company, which operates a black-sedan fleet and lower-priced UberX service, had previously raised nearly $308 million.

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