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Uber is now valued at $51 billion
Uber has been in the news these days for a number of reasons. The company reportedly acquired Microsoft’s (MSFT) Bing Maps service a few weeks ago. Bing Maps is digital navigation technology that Uber can use to build its own mapping product. The service will allow Uber to avoid dependency on Google (GOOG) Maps, which is what it currently uses.
A few weeks ago, Uber reportedly submitted a bid to acquire Nokia’s (NOK) HERE mapping unit for $3 billion. However, this deal was recently clinched by German carmakers for a valuation of $3.1 billion.
On July 31, a Wall Street Journal report citing people familiar with the matter stated that Uber has completed a new round of funding, which values the company at around $51 billion. Uber has exceeded Facebook’s (FB) $50 billion valuation attained before its initial public offering in 2011, thereby taking the top spot for the highest valuation ever for a private company.
Investors value Uber’s fast growth around the world
Uber has managed to grow its valuation in every round of new funding. As the above graph shows, Uber was valued at $18 billion in May 2014 and then valued at $41 billion in December 2014 after new rounds of funding. Investors value Uber because of its aggressive plans to broaden its reach. Uber is now present in more than 300 cities around the world, although it has seen a significant backlash from taxi drivers, mainly those in Europe (EFA).
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