• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As U.S. Treasury intervened in the bond market, the Netherlands rushed 86 tons of gold out of America because of ‘geopolitical unrest’

2

He failed the military pilot eye test—so he built a $1 million-a-day traffic company and bought flying lessons. Now he’s Top Gun’s stunt pilot 

3

Current price of oil as of September 4, 2026

1

As U.S. Treasury intervened in the bond market, the Netherlands rushed 86 tons of gold out of America because of ‘geopolitical unrest’

2

He failed the military pilot eye test—so he built a $1 million-a-day traffic company and bought flying lessons. Now he’s Top Gun’s stunt pilot 

3

Current price of oil as of September 4, 2026
Finance

Uber now worth more than Hertz

By
Dan Primack
Dan Primack
Down Arrow Button Icon
By
Dan Primack
Dan Primack
Down Arrow Button Icon
June 6, 2014, 1:47 PM ET
148302538
Photograph by Adrianna Williams — Getty Images
Google source logo
Add Fortune on Google for similar content.

On-demand car service Uber this afternoon announced that it has raised $1.2 billion in new private equity funding at an $17 billion pre-money valuation. For context, Hertz Global Holdings (HTZ) has a current market cap of just $12.5 billion.

All of the new money is primary capital, meaning that none will be used to cash out existing shareholders or company employees. In a blog post, Kalanick also said that Uber is planning to soon close on another $200 million, bringing the round total of to $1.4 billion (it is not clear if the extra money also will be primary) and the post-money valuation up to $18.4 billion.

CEO Travis Kalanick referred to this valuation as “record-breaking” last week during a conference appearance, but Fortune has confirmed that Facebook (FB) raised more money in late 2010 and early 2011 at a higher valuation from DST Group and Goldman Sachs (GS).

Uber did not identify its new investors, with Kalanick just writing that new backers include “institutional investors, mutual funds, private equity and venture capital partners.” Bloomberg reports that Fidelity Investments led the round, while other new investors included Wellington Management, Summit Partners, BlackRock Inc., Kleiner Perkins Caufield & Byers.

Summit Partners confirmed its participation, with a spokeswoman saying: “Uber’s growth so far is stunning, but we still think this business is still in its early stages relative to the global opportunity to move local transportation from a private car model to a service model.”

Uber last raised money less than a year ago, when it scored $361 million at a $3.4 billion pre-money valuation led by Google Ventures (GOOG) and TPG Capital. Earlier backers include Benchmark, Menlo Ventures and First Round Capital.

This funding seems, in part, designed to put enormous pressure on rival Lyft, which only has raised around $330 million, most recently at a reported valuation of just under $1 billion.

About the Author
By Dan Primack
See full bioRight Arrow Button Icon
Google source logo
Add Fortune on Google for similar content.

Latest in Finance


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Finance


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.