Uber Raises $1.6 Billion in Another Big Funding Round
The investment comes after transportation company behind the popular ride-hailing app raised $1.2 billion in December.
Uber continues to grow.
The transportation startup has raised $1.6 billion in convertible debt financing from clients of Goldman Sachs' wealth management arm, the investment bank confirmed to The Hollywood Reporter.
The news comes less than two moths after Uber announced that it had raised $1.2 billion from a swath of high-profile Silicon Valley investors, bringing its valuation to more than $40 billion. In total, the company has shored up more than $4 billion in funding, including small investments from Hollywood players including William Morris Endeavor, Troy Carter and Adam Leber.
The financing gives Uber incentive to go public within the next four years because interest rates will rise at the end of that period should the company not IPO, reports Bloomberg, which first broke news of the financing. Uber declined to comment.
Uber plans to expand into more cities internationally as well as invest into research and development and safety improvements, according to Bloomberg. The company, known for its popular ride-hailing app, has faced criticism about the safety of its service after two separate reports of drivers raping passengers — one in Boston and one in New Delhi — emerged in December.
The company, known for the popular ride-hailing app, currently operates in more than 270 cities in 54 countries.