SAN FRANCISCO — Uber has raised another monster round of funding to value the ride-hailing company at a whopping $50 billion, making it the highest-valued venture capital-backed company in the world, according to a report Friday.
Uber, the gorilla of ride-hailing apps, has raised close to $1 billion from investors, according a report from The Wall Street Journal. With the fresh round of financing, Uber surpasses Xiaomi to lay claim to the highest valuation among private companies with VC funding.
Uber’s valuation now matches the high-water mark set by Facebook in 2011, when the social network company reached a $50 billion market cap.
Uber has raised more than $5 billion, more than any other VC-backed company. The company had initially planned to raise between $1.5 billion and $2 billion.
Investors in the latest round include Microsoft and Indian media conglomerate Bennett Coleman & Co., a person familiar with the matter told The Wall Street Journal.
