Get All Access for $5/mo

Uber Raises $1.2 Billion in New Funding Based on a $40 Billion Valuation The San Francisco-based transportation juggernaut announced its most recent raise with a bit of a mea culpa and a promise to be a 'smarter and more humble company.'

By Catherine Clifford

Opinions expressed by Entrepreneur contributors are their own.

If there was ever any question who is the "top dog" in the ridesharing transportation industry, then there sure isn't anymore.

San Francisco-based Uber announced today that it raised $1.2 billion based on a $40 billion valuation of the company. That $1.2 billion, by the way, is a minimum. CEO Travis Kalanick said that there was still "additional capacity remaining" in the round. All total, the ridesharing technology company has raised $2.7 billion, according to CrunchBase, crowdsourced record of funding data.

Uber will use the serious cash influx to invest heavily in the Asia Pacific region, according to a blog post from Kalanick.

Related: Taxi Wars: Uber Rolls Out Program in NYC That Will Cut Fares By Half

Already, Uber's growth has been meteoric. One year ago, the taxi-alternative company was operating in 60 cities and 21 countries. Today, you can hail a car with your smartphone in more than 250 cities in 50 countries. The company has multiplied six-fold in the past year. That's the kind of growth that investors dream about.

Uber's slingshot success hasn't been without some pretty epic blunders, though. And in the past few weeks, the company's reputation as a ruthless, power-hungry, ambitious-above-all-else business has been marred with signs of malice.

In particular, one Uber executive was outed for positing that the company ought to start investigating the personal life of journalists who were saying less than complimentary things about the company. And another recent report indicated that Uber executives were using the geolocation technology inherent in their app to track the location of one particular reporter without her consent.

And so, perhaps even more impressive than Uber's eye-popping billion dollar raise, is it's first indication of remorse.

Related: Lyft Says Former COO Took Confidential Files With Him to Uber

"The events of the recent weeks have shown us that we also need to invest in internal growth and change. Acknowledging mistakes and learning from them are the first steps," says Kalanick.

Uber is working with outside council to improve its crisis of image, Kalanick says. "Done right, it will lead to a smarter and more humble company that sets new standards in data privacy, gives back more to the cities we serve and defines and refines our company culture effectively." Humble is not a word that has thus far been a part of the Uber vocabulary.

Whether or not the top dog used to doing business by flashing its billion-dollar teeth can learn to be aggressive without forfeiting its integrity remains to be seen.

Related: Uber's Nonprofit Ride-Sharing Pilot Program in China Shifts Into High Gear

Catherine Clifford

Frequently covers crowdfunding, the sharing economy and social entrepreneurship.

Catherine Clifford is a senior writer at Previously, she was the small business reporter at CNNMoney and an assistant in the New York bureau for CNN. Catherine attended Columbia University where she earned a bachelor's degree. She lives in Brooklyn, N.Y. Email her at You can follow her on Twitter at @CatClifford.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.


Taylor Swift Has a Lucky Number. And She's Not the Only High Performer Who Leans Into Superstitions to Boost Confidence.

Even megastars like Swift need a little extra something to get them in the right mindset when it is game time.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.


SEO Trends You Need to Be Aware of Right Now, According to a Seasoned Pro

Navigate the future of search engine optimization to elevate your online presence and drive meaningful engagement.

Health & Wellness

4 Habits I Cultivated to Become a Healthier, More Effective Entrepreneur

By the time I hit mid-life, some of my bad habits were becoming a risk to my long-term business goals — and my health. Here's how I was able to change them.


Guide Fellow Entrepreneurs to Success with an Exit Factor Franchise

Exit Factor franchisees play a vital role in the entrepreneurial community. As a business advisor, franchisees offer valuable guidance, solutions, and expertise to clients seeking to improve their business for a future exit.