As if $3 billion wasn’t enough, Uber has announced that it has raised an additional $1.6 billion in funding to help fund its rapid expansion across the globe. The California-based startup has been valued at around $40 billion, which is insane for a startup.
Uber Technologies Inc. raised $1.6 billion in convertible debt from Goldman Sachs Group Inc. (GS)’s wealth management clients, according to people with knowledge of the matter, as the mobile car-booking company builds its finances to expand internationally. Uber is also still in talks to raise $600 million from hedge funds and international strategic investors to add to $1.2 billion in financing that it raised in December, said the people, who asked not to be identified because the information isn’t public. The funding last month valued San Francisco-based Uber at $40 billion, one of the highest valuations for a closely held technology startup.
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