Uber snags $1.2 bn in new funding at $18 bn valuation

Written by Reuters | San Francisco | Updated: Jun 7 2014, 06:12am hrs
Uber Inc has raised $1.2 billion in funding from mutual funds and investors, valuing the fast-growing rides-on-demand startup at $18.2 billion, the company said on Friday.

Fidelity Investments put in about $425 million, Wellington Management $209 million and BlackRock contributed $175 million, the Wall Street Journal cited a person familiar with the matter as saying.

Venture firms Summit Partners, Kleiner Perkins Caufield & Byers, Google Ventures and Menlo Ventures also participated in the round, the Journal reported.