Uber’s ascent is one of the most rapid by a start-up in years. Five years ago, Uber was just an app that allowed customers to summon a private car with the push of a smartphone button. The company's latest $40 billion valuation puts the company in exclusive company. Time will tell if the company deserves the valuation.
Uber wants to be the world’s private driving service. Now the company is amassing the war chest to do it. The start-up closed a new $1.2 billion round of financing on Thursday, with investors valuing the company at a staggering $40 billion. That puts a new mountain of cash on top of the $1.5 billion that Uber had already raised. And it may collect even more: Uber may eventually sell an additional $600 million in stock, and it is working with Goldman Sachs to sell, potentially, another $1 billion in debt to some of the Wall Street firm’s wealthy private clients.