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Uber taxi app valued at $21.3b in new funding round

Published on Jun 7, 2014 6:24 AM
Transportation app Uber is seen on the iPhone of a limousine driver in Beverly Hills, California on Dec 19, 2013. -- PHOTO: REUTERS

SAN FRANCISCO (AFP) - Internet Age taxi app Uber upshifted to the elite ranks of Silicon Valley on Friday with a round of funding that gives the California-based startup a whopping US$17 billion (S$21.3 billion) value.

"With our growth and expansion, the company has evolved from being a scrappy Silicon Valley tech startup to being a way of life for millions of people in cities around the world," Uber said in a blog post.

The startup maintained that its mission is to "enable a transportation alternative in cities that makes car ownership a thing of the past." Since launching in San Francisco four years ago, Uber has spread to 128 cities in 37 countries, according to the company.

Uber said the latest funding round will result in about US$1.4 billion being raised and give the company a value of US$17 billion.

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