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Uber’s Google-Led Deal Said to Value Company at $3.5 Billion

Aug. 23 (Bloomberg) -- Uber Technologies Inc., the developer of a mobile application for car-service booking, said it raised $258 million from Google Inc.’s venture-capital arm and private-equity firm TPG Capital.

The financing values San Francisco-based Uber at about $3.5 billion, according to a person familiar with the matter, who declined to be named because the valuation wasn’t disclosed. Uber announced the funding on its blog.

“We couldn’t be more excited to embark on the next phase of our journey with our new partners,” Travis Kalanick, Uber’s chief executive officer, wrote in the blog post. “Our vision is to build a technology company that changes transportation and logistics in urban centers around the world, and this financing gives us the fuel to make that a reality.”

David Drummond, Google’s senior vice president of corporate development and chief legal officer, and David Bonderman, a TPG co-founder, will join Uber’s board of directors, the post said.

Andrew Noyes, a spokesman for Uber, declined to comment on the valuation.

Uber has grown the business sevenfold over the past year, Kalanick said in Taipei last month for the service’s debut there. Kalanick said in an interview at the time that Uber was seeking hundreds of millions of dollars to fund its expansion to cities in China and around the world.

The company is opening in new markets, seeking to promote its products before upstarts, such as Hailo and Lyft Inc., can dominate in cities where Uber doesn’t yet operate.

Earlier this month, Uber said in a corporate disclosure that it had raised $88.4 million from TPG and an additional $15 million from Benchmark, an existing investor. The remaining shares to be issued were valued at $258 million, according to the filing.

AllThingsD reported yesterday on the filing and valuation.

To contact the reporters on this story: Mark Milian in San Francisco at mmilian@bloomberg.net; Ari Levy in San Francisco at alevy5@bloomberg.net

To contact the editor responsible for this story: Pui-Wing Tam at ptam13@bloomberg.net

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