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Uber Raises $1.2 Billion, Vows To Refine Company Culture

Uber Raises $1.2 Billion, Vows To Refine Company Culture

by Brad MerrillDecember 4, 2014

After quite an eventful month, Uber is raising another $1.2 billion in funding, bringing the total to more than $2 billion to date.

Uber CEO Travis Kalanick announced the financing in a blog post, noting that the company is six times larger than it was just one year ago.

While he didn’t mention a valuation figure, the company is now valued at $40 billion.

Uber plans to use the $1.2 billion to create more than 1 million jobs in 2015 and to “make significant investments, particularly in the Asia Pacific region.”

In his blog post, Kalanick briefly acknowledged the publicity shitstorm that came from Senior VP Emil Michael’s suggestion to create a $1 million fund to dig up dirt on journalists who criticize the company. Kalanick vows to make Uber a “smarter and more humble company” moving forward:

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.

Fortunately, taking swift action is where Uber shines, and we will be making changes in the months ahead. Done right, it will lead to a smarter and more humble company that sets new standards in data privacy, gives back more to the cities we serve and defines and refines our company culture effectively.

About The Author
Brad Merrill
Brad Merrill is the founder and former editor of VentureBreak.