Uber Seeks New Funding at Stratospheric Valuation
Uber is raising up to $2.1 billion in new funding at a sky-high $62.5 billion valuation, according to a legal filing Fortune obtained through private market data provider VC Experts.
The new valuation would be a big jump from the previous round of around $52 billion, showing that investors are still hot on the ride-hailing company.
Uber has already closed investments in the latest round from hedge fund Tiger Global Management and investment manager T. Rowe Price, as first reported by Bloomberg. Rumors of this latest round first surfaced in late October, though the size of the round was first said to be only $1 billion.
As part of its current fundraising efforts, Uber is telling investors it has a U.S. gross revenue run rate of more than $10 billion, and it has nearly doubled actual gross revenue this year, per Bloomberg. Gross revenue run rate is calculated by annualizing the revenue from a week, month, or quarter, and doesn’t include the money paid out to drivers (Uber keeps roughly 20% of fares on average) and expenses. Additionally, Uber is now profitable in 80 cities worldwide, and it has seen a 250% increase in completed trips this year as compared to a year ago, the report said.
Tiger Global has already invested in some of Uber’s biggest investors abroad, including Didi Kuaidi in China, Ola in India, and GrabTaxi in Singapore. Last month, Ola closed $500 million in funding at a $5 billion valuation, and rumors surfaced that Lyft is seeking to raise $500 million at a $4 billion valuation. Lyft co-founder and president John Zimmer estimated last month that Lyft’s gross annual revenue will be $1 billion.
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Uber was previously valued at roughly $52 billion.