Uber Closes $258M Financing

Uber, a San Francisco, California-based startup that provides passengers with a mobile app to connect with drivers of luxury vehicles, closed a $258m financing round.

The round was led by Google Ventures with TPG Capital participating. In conjunction with the funding, David Drummond, Google’s SVP of Corporate Development and Chief Legal Officer, and David Bonderman, founding partner of TPG, will join Uber’s board.

The company intends to use the funds to expand into new markets, accelerate customer and driver acquisition, as well as fight off protectionist, anti-competitive efforts.

Founded in 2009 by Garrett Camp and CEO Travis Kalanick, Uber provides private drivers in over 40 cities and 15 countries. Users can request a ride using the iPhone and Android app, compare rates for different vehicles, get quotes, and add a credit card to their account.

The company is hiring and its web site lists 135 postions opened globally (read here).

Commenting on the funding in a post, Kalanick said “We look to Google and Google Ventures for the strategic connectivity to their product initiatives alongside the expertise that comes with evangelizing new technology with governments and regulatory bodies around the world.
“David Drummond is our director from Google that will help us navigate the company and provide the strategic advice as our regulatory efforts follow Uber’s launches across Europe and Asia”.



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