Uber has raised a massive $1.2bn in its latest funding round, finally confirming the previously rumoured investment in a blog post.
Travis Kalanick, Uber’s founder and chief executive, said the funding would be used “to make substantial investments, particularly in the Asia Pacific region.”
The round is understood to value the firm at up to $40bn, more than Twitter, Netflix and LinkedIn, and Kalanick said there was "additional capacity for remaining investments."
Uber filed paperwork to authorise the sale of up to $1.8bn in stock earlier today.
The boss of the controversial company, which was recently under fire after one of its executives suggested investigating journalists hostile to the company, addressed the issues facing the firm directly.
“This kind of growth has also come with significant growing pains. The events of the recent weeks have shown us that we also need to invest in internal growth and change. Acknowledging mistakes and learning from them are the first steps. We are collaborating across the company and seeking counsel from those who have gone through similar challenges to allow us to refine and change where needed,” Kalanick said.
The famously forthright founder said swift action would "lead to a smarter and more humble company that sets new standards in privacy." Uber's most recent controversy was the revelation that a job applicant had been given access to Uber customer's private data.
The investors in the new series E round have not been disclosed, and the new investment is understood to be separate from its hiring of Goldman Sachs to raise funds from the bank's top clients.
Investors in previous rounds include Google Ventures, BlackRock and Fidelity Investments.
Here's how much Uber's now thought to be worth in comparison to other publicly listed high-profile tech companies and other billion-dollar startups.