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Uber Driving Funding Goals Higher, Seeking $12 Billion Valuation


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NEW YORK (TheStreet) -- On-demand car service Uber is said to be in talks with investment firms to raise about $500 million at a $12 billion valuation, according to a report by The Wall Street Journal.

VIDEO TRANSCRIPT:

On-demand car service Uber is revving up its funding ambitions.

The start-up is said to be in talks with investment firms to raise about $500 million at a $12 billion valuation, according to a report by The Wall Street Journal. That's higher than the $10 billion valuation previously reported by Bloomberg. The company is reportedly planning to finalize the deal by the end of this quarter. It has already raised more than $400 million, counting Goldman Sachs (GS) and Google (GOOG) Ventures among its investors.

Uber was founded by CEO Travis Kalanick in 2009.  It uses a location-based app to find and order nearby car services. Despite opposition from the taxi industry, the company has been expanding geographically -- and in terms of its services.

In April, the service landed in its 100th city with its launch in Beijiing. It has made deals with eBay's (EBAY) PayPal and the NFL and launched a courier delivery service in New York City called UberRUSH. The company confirmed last December that it had gross revenue of more than $20 million a week.

In New York, I'm Brittany Umar reporting for TheStreet.

-- Written by Brittany Umar in New York.

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