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Uber Raises Money to Race Ahead of the Competition

Corporate And Media Leaders Attend Allen & Company Media And Technology Conf.

 

Uber announced it is raising more funds, to the tune of maybe up to $2 billion, as reported by Seeking Alpha. The company is likely to be valued up to $30 billion, and doesn’t seem to need the cash, since it raised $1.2 billion at an $18 billion valuation 5 months ago. However, like many companies, Uber is spending to win and so it can speed far ahead  of its nearest rival, Lyft in a race to add as many passengers as possible.

While Uber has given traditional taxis a run for their money, it is adding new services. CEO Travis Kalanick says revenue is doubling every few months and Uber is profitable in many of its markets. The company has seen the successful launch of its UberEssentials, which enables, in the DC area, delivery of 60 basic household products. Uber has also tested delivery of larger items; UPS and FedEx had better watch out.

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