Uber to raise another $1bn, at a massive $70bn valuation
Uber is reportedly fund raising yet again, this time planning to raise close to $1bn in new investments, according to the New York Times, which cited “people close to the matter”, with investors looking at a valuation of between $60bn and $70bn for the six-year-old start-up. This news comes only a few months after the WSJ reported in July that Uber had raised almost $1 billion in new financing, with a valuation then of around $50bn. The new fund raising activity is the eighth time that Uber has received money from private investors in the last five years, supporting CEO Travis Kalanick's statement last week that his firm had no need to participate in an IPO at this stage.

Just three months after raising an enormous sum of money from investors, Uber is at it again.

Uber, a ride-hailing service, is planning to raise close to $1 billion in new venture capital from investors, according to people close to the matter. Investors are looking at a valuation of $60 billion to $70 billion.

If successful, the round of fund-raising would make Uber the world’s most valuable private start-up by far. A round this summer valued the company at more than $50 billion, a bit more than Facebook was valued at after its last big round of private capital fund-raising in 2011.

The furious pace at which Uber has been raising money is every bit as eye-popping as its soaring valuations. The latest round of financing will be the eighth that the company has sought over the last five years.

More precise targets on the size and the valuations will be determined after the company begins talks with investors in coming weeks, said the people, who spoke on the condition of anonymity. Executive management at Uber has approved another round, and the company plans to start holding official conversations in the next few weeks, they said.