Uber is a startups which regulators have tried to take on several times, but users still love the popular service. However, now the haters of the startup have to think twice before going against Uber, as in a recent round of funding the company managed to secure a whopping $258 million. More significantly the funding round was led by top tech company Google Ventures and TPG. Now Uber has the support and funds of the search engine giant and the CEO of Uber, Travis Kalanick, revealed the new funding through a blog post in which he also mentioned that the fresh funds will be used to “expand into new markets, accelerate customer and driver acquisition, and fight off protectionist, anti-competitive efforts.”
Kalanick also wrote in his post that the fresh investment is based on two parts, “bits” and “atoms”. Of these two parts Google is “bits” while TPG is “atoms”. This means that the product experience of Google such as Android, Google Maps, self-driving vehicles and others will help Uber to improve its technology, whereas the operations experience of TPG in real-world industries will enable Uber to enhance its operations.
More importantly securing a hefty amount like $258 million is a great achievement by Uber, but according to the latest report of TechCrunch, Google SVP of Corporate Development and Chief Legal Officer was the person who had played a vital role in finalising this deal. Here are more details regarding the funding round, which the CEO of Uber has posted over company’s Blog.
“Uber recently closed a financing round. We want to make sure the facts are clear and confirmed. Our vision is to build a technology company that changes transportation and logistics in urban centres around the world, and this financing gives us the fuel to make that a reality. This round is $258 million with proceeds to be used to expand into new markets, accelerate customer and driver acquisition, and fight off protectionist, anti-competitive efforts.
The financing was led by Google Ventures with TPG Capital participating. David Drummond, Google’s SVP of Corporate Development and Chief Legal Officer, will be joining Uber’s board. David Bonderman, founding partner of TPG, will also be joining the board. We’re also looking forward to working with David Krane from Google Ventures and David Trujillo from TPG, each of whom will help deliver strategic value as partners in this investment.
We couldn’t be more excited to embark on the next phase of our journey with our new partners, both truly great in their respective industries.”
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