Uber raising funds at $10 billion-plus valuation
FORTUNE — Uber is reportedly seeking another round of financing at a potential $10 billion-plus valuation, according to a Bloomberg News report out Thursday.
The report cites anonymous sources who claim Uber’s latest valuation is part of a plan to raise nearly $1 billion with new private equity investors. If true, the move comes nine months after the San Francisco-based ride-sharing startup confirmed it had rounded up $258 million from Google Ventures along with TPG Capital at a $3.5 billion valuation, bringing total financing since the company’s inception to over $300 million.
This latest round being considered could nearly triple Uber’s already sky-high valuation, placing it well ahead of billion-dollar startups like cloud-based note-taking business Evernote and even trumping Pinterest. (The virtual pinboard company confirmed on Thursday that it had raised $200 million at $5 billion from previous investors, including Andreessen Horowitz, Bessemer Venture Partners and SV Angel.) It would catapult Uber into the same rarefied league as online room rental service Airbnb and online file storage locker Dropbox, both of which have commanded $10 billion valuations. Uber declined to comment for this story.
“We want to be in all the major cities in the world,” Kalanick told Fortune last summer. Indeed, since co-founding Uber with Garrett Camp in 2010, Uber has gone global, with some 900 employees and thousands of drivers servicing 115 cities from San Francisco to Hyderabad.
Uber’s aggressive tactics have grown more so in recent months, likely in part due to the rapid growth of its largest U.S. competitor, Lyft. A month ago, Lyft raised $250 million and added 24 cities, nearly doubling the number of domestic markets to 60. The two startups continue to tussle by slashing ride prices temporarily or permanently in a number of markets in an effort to undercut each other. This month, Lyft took a direct shot at Uber by introducing a premium service that uses custom-made white Ford Explorers aimed at challenging Uber’s luxury black car fleet. Just two weeks later, Uber officially unveiled Uber XL, a mix of Toyota Highlanders, Ford Explorers, Nissan Pathfinders and other SUVs offering mid-priced rides that are a step above the inexpensive Uber X, which relies on drivers who use their own cars, and below the pricier black car option.
Update: This was post was updated to include new information about Pinterest’s most recent funding information.