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Why Uber Is Worth $17 Billion

NEW YORK (TheStreet) Ride-sharing company Uber just raised $1.2 billion in funding, giving it a $17 billion valuation, the second largest for a private company behind only Facebook (FB), as the company continues to explode in popularity.

Here's the full details from the company's blog:

We have some exciting news to share this morning. We have just closed a financing round with some of the leading investors in the world, raising $1.2B of primary capital at a $17B pre-money valuation.  The total raise will be about $1.4B with a second close of strategic investors soon. We are thrilled to have top tier institutional investors, mutual funds, private equity and venture capital partners joining us.

It's remarkable that it was only four years ago this week Uber started operations in SF, connecting residents with the safest, most reliable way to get around the city. Today, we are operating in 128 cities in 37 countries around the world with hundreds of thousands of transportation providers and millions of consumers connecting to our platform.

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.

--Written by Chris Ciaccia in New York

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