4 Years In
We have some exciting news to share this morning. We have just closed a financing round with some of the leading investors in the world, raising $1.2B of primary capital at a $17B pre-money valuation. The total raise will be about $1.4B with a second close of strategic investors soon. We are thrilled to have top tier institutional investors, mutual funds, private equity and venture capital partners joining us.
It’s remarkable that it was only four years ago this week Uber started operations in SF, connecting residents with the safest, most reliable way to get around the city. Today, we are operating in 128 cities in 37 countries around the world with hundreds of thousands of transportation providers and millions of consumers connecting to our platform.
Uber is changing the fabric of these cities. At our current rate, Uber is responsible for directly creating 20,000 new jobs per month and powering billions in economic impact in cities around the world – while also improving the environment, reducing DUI rates and fueling urban economic development.
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. This “Uber” way of life is really a reflection of our mission to turn ground transportation into a seamless service and to enable a transportation alternative in cities that makes car ownership a thing of the past.
Four years in, we are just at the beginning of the Uber story. We are working hard to improve what we do every day and are focused on making our great potential a reality. We appreciate the confidence that investors, riders and partner drivers have shown in us and we intend to deliver.
We have developed a new pilot program – Xchange Leasing – which is a leasing option administered by an Uber subsidiary and designed to fit with the flexibility that drivers value most. The Xchange lease is one of a kind, and offers value that traditional auto leases do not provide. Unlike most multi-year leases that have high fees for early termination, drivers who participate in Xchange for at least 30 days will be able to return the car with only two weeks notice, and limited additional costs. The program allows for unlimited mileage and the option to lease a used car, with routine maintenance also included.
A new report conducted in partnership with Mothers Against Drunk Driving (MADD) reveals that when empowered with more transportation options like Uber, people are making better choices that save lives.
New technologies are creating opportunities no one could have imagined. To understand Uber’s place in that trend, we commissioned a survey of our driver-partners and put together a comprehensive analysis.