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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.
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) - Get Report and Google (GOOG) - Get Report 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) - Get Report 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.