NEW YORK (TheStreet) -- Ride-sharing company Uber just raised another $1.2 billion in funding, giving it a $40 billion valuation, the largest for a private company behind Facebook's (FB) private market value valuation, as the company continues to explode in popularity.
The latest funding round comes just six months after the company raised $1.2 billion as well, valuing the company at $17 billion. Facebook ultimately went public at a $104 billion valuation in May 2012, so Uber still has a long way to go to catch up to Facebook, though some believe it will get to the magical nine figure valuation mark sometime next year.
Uber spokeswoman Natalia Montalvo confirmed the $40 billion valuation in an email to TheStreet.
Reports have surfaced that San Francisco-based Uber will generate $10 billion in gross revenue in 2015, a near three-fold from the projected revenue for 2014. Uber keeps 20% of that, so 2015 revenue is expected to be roughly $2 billion. In comparison, Facebook generated $3.2 billion in the company's third-quarter, so while the companies are far apart in actual revenue generated, Uber's growth rate implies it's likely to catch up to Facebook in the not too distant future.
Uber, Airbnb and others play a part in what's known as the "sharing economy," something that social networks such as Facebook and Twitter (TWTR) have helped facilitate over the years. With Facebook's user count having surpassed 1.3 billion in the third quarter and Twitter's having surpassed 250 million, that's a cumulative sum of 1.5 billion, or more than 15% of the world's total population sharing ideas, photos, happenings and memories across the Internet with each other.
The sharing economy is exemplified perhaps best by a recent Morgan Stanley note, detailing the trip its auto analysts took to Detroit to see the larger automotive companies. Instead of talking about the findings at the "Big 3" auto companies, the highlight of the trip were their experiences with Uber. "The highlight of our trip, however, was the 3 Uber trips we took between meetings," analyst Adam Jonas and his team wrote in the note. "The phenomenon of shared mobility has profound implications that extend far beyond the auto industry."
Here's the full details of the funding from the company's blog: