Following a financing round with a group of investors, transportation app company Uber has announced a valuation of $17 billion.
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It took on $1.2 billion of new capital in the round of investments, an impressive feat considering its relatively humble beginnings as a San Francisco-exclusive startup just four years ago. It is now operating in 128 cities in 37 countries around the world, with "hundreds of thousands" of transportation providers and millions of consumers using the platform.
If you're unfamiliar, Uber provides public transport by allowing users to reserve a car or taxi through its app, allowing people easy access to acquiring a mode of transportation in cities. It connects people looking for a ride with those operating vehicles for hire, making the process of hailing a cab or hiring a service less painful.
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Uber posted the following on its blog, outlining the company's vision and plan for the future:
"Uber is changing the fabric of these cities. At our current rate, Uber is responsible for directly creating 20,000 new jobs per month and powering billions in economic impact in cities around the world - while also improving the environment, reducing DUI rates and fueling urban economic development.
"With our growth and expansion, the company has evolved from being a scrappy Silicon Valley tech startup to being a way of life for millions of people in cities around the world. This "Uber" way of life is really a reflection of our mission to turn ground transportation into a seamless service and to enable a transportation alternative in cities that makes car ownership a thing of the past.
Four years in, we are just at the beginning of the Uber story. We are working hard to improve what we do every day and are focused on making our great potential a reality. We appreciate the confidence that investors, riders and partner drivers have shown in us and we intend to deliver."
