Tech

Uber Just Raised Another $1.6 Billion — And It's Raising $600 Million More

By Alyson Shontell
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In December, Uber announced a $1.2 billion fundraising at a $41 billion post-money valuation, with room to spare for other strategic investors.

The company was also rumored to be in talks with Goldman Sachs and its private clients on a convertible debt deal.

Now Goldman and Uber have worked out a $1.6 billion convertible-debt round that is separate from the December fundraising.

Bloomberg's Serena Saitto first reported the fundraising, which Business Insider has confirmed with a Goldman Sachs representative. 

Uber is raising an additional $600 million from hedge funds to complete the $1.2 billion financing round from late last year.

This brings Uber's total funding to more than $4 billion since its launch in 2010.

A large chunk of the cash will be used to further Uber's expansion, particularly in Asia. It will also be used to further its UberPool product, which allows city residents to split fares and trips with each other, making rides significantly cheaper.

Uber declined to comment on the fundraising and convertible-debt round.


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Alyson Shontell Business Insider
Alyson Shontell
Alyson is the Editor-in-Chief and CCO at Fortune.  She was previously a co Editor-in-Chief overseeing Business Insider's tech and business coverage.She joined Business Insider in July 2008 as the company's sixth employee. She started as a sales planner before joining the editorial team in 2010, where she became a startup reporter and was first to cover some of today's largest tech companies, including Pinterest, Tinder, Instagram, Uber and Snap. Alyson rose to become a senior correspondent, then Executive Editor.She was appointed Editor-in-Chief of Business Insider in 2016, at which point she became the youngest and only woman to run a global business publication. Under her leadership, the business division has grown to hundreds of  millions of monthly readers.Alyson was a host of  Insider's conferences and launched a podcast, "Success! How I Did It," where she interviewed influencers ranging from Sheryl Sandberg to Steve Ballmer about their career paths (subscribe on iTunes here).She has appeared on ABC, Good Morning America, Al Jazeera, MSNBC, CNBC, CNN, and CBC, and she has interviewed media personalities such as Megyn Kelly, technology leaders like Fred Wilson, political leaders like John Brennan, and sports star LeBron James. She is a judge for the prestigious Gerald Loeb Awards in business journalism, and has been named one of Min's Rising Stars in Media, as well as Folio's 2017 Top Women in Media.She graduated from Syracuse University's Newhouse School of Public Communications, where she majored in psychology and advertising.You can read some of her investigative articles here:— Leaked videos reveal the true founding story of Snapchat— The founder who dumped Jared Kushner: Inside the phone call that left the White House star in a fit of rage— The downfall of billion-dollar startup, Fab— How a startup that raised the largest seed round in Silicon Valley history blew itself up before it even launched— The dark side of Facebook, where people lie, cheat, and make millions— A profile of Uber's controversial CEO, Travis Kalanick— The mystery of Jody Sherman, a founder who was driven to suicide and left behind a shocking business disasterDisclosure: Alyson owns bitcoin and Snap. She is also an investor in The Spun, a sports-media startup founded by her husband.
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