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Uber Technologies Inc. has expanded a fundraising round to $1 billion from $600 million amid swelling investor appetite for the mobile car-booking application.
Uber submitted a filing Wednesday to the Delaware Secretary of State to bump up its fundraising to $1 billion, according to a representative of the San Francisco-based company. Bloomberg News reported last month that Uber was seeking an additional $600 million from hedge funds and international strategic investors as part of a financing round known as its Series E round.
Uber has been on a money-raising tear. The company, led by Chief Executive Officer Travis Kalanick, raised $1.2 billion in financing in December, which valued the startup at $40 billion, one of the highest valuations for a closely held technology startup. Last month, Uber also closed $1.6 billion in convertible debt from Goldman Sachs Group Inc.’s wealth management clients, people with knowledge of the matter said.
“The participation we have seen in Uber’s Series E underscores the confidence investors have in Uber’s growth,” said Nairi Hourdajian, Uber’s head of global communication.
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This article was written by Serena Saitto from Bloomberg and was legally licensed through the NewsCred publisher network.