Uber hits $40b valuation ahead of 2015 growth

Uber is valued at $40 billion [£25.5 billion] after it closed yet another fundraising round with an extra $1.2 billion [£770 million] in its coffers to allow it to expand aggressively into the Asia Pacific region.

The San Francisco based firm sourced the extra billion dollars from various investors and the new funding means that it is worth over double the $17 billion [£10.8 billion] that it was valued at following a shares sale in June.

“In 2015 alone, Uber will generate over 1mm jobs in cities around the world and with that millions of people may decide that they no longer need to own a car because using Uber will be cheaper than owning one. Parking could become less strained in our biggest cities, and city congestion may actually start to ease due to uberPOOL’s expansion and success,” co-founder Travis Kalanick wrote in a blog post.

Uber has had a tough time of it in recent weeks after a number of cities such as Toronto moved to ban its UberX service and there have been accusations that it has carried out smear campaigns against journalists.

“The events of the recent weeks have shown us that we also need to invest in internal growth and change. Acknowledging mistakes and learning from them are the first steps. We are collaborating across the company and seeking counsel from those who have gone through similar challenges to allow us to refine and change where needed,” Kalanick added.

Uber drivers have also been accused of abusing passengers that cancelled journeys and smoothing out the image of the firm in this regard sounds like something the company is committed to doing.

The service, which was only in 60 cities across 21 countries this time last year, now works in 250 cities in 50 countries with this investment, in addition to maintaining its image, key to its continued success.