/// Uber Finally Confirms $258 Million Fundraising

August 23, 2013  |  All Things Digital


It’s not like Uber to be quiet. But after a day without comment, the car-hailing company has now responded to our report yesterday that it raised a pile of cash, based on an official filing that echoed our sleuthing about the deal in July . “We wanted to put out the official word to make sure the facts were clear and confirmed,” Uber CEO Travis Kalanick just wrote in a blog post . “This round is $258 million with proceeds to be used to expand into new markets, begin marketing efforts, and fight off protectionist, anti-competitive efforts.” We’d also written yesterday that the round was larger, because in total it included shares bought from existing investors including co-founder Garrett Camp. With a bit of rhetorical flourish, Kalanick described new investors at Google Ventures and TPG Capital as “bits” and “atoms,” respectively. Google and its SVP of Corporate Development and Chief Legal Officer David Drummond will help advise Uber on regulatory issues and offer “strategic connectivity to their product initiatives” — a.k.a. same-day delivery and other areas of overlap. Drummond will have an Uber board seat. We’ve also been told that Google Ventures partner David Krane will have a board observer seat. And TPG is the “atoms,” Kalanick explained, because it helps invest in and run companies with intensive operations all over the world. TPG partner David Bonderman will have a board seat as well. As the Uber post appears to have been taken down shortly after going live, here’s the full text: Bits & Atoms As many of you have seen in the press today, Uber recently closed a financing round. We wanted to put out the official word to make sure the facts were clear and confirmed. This round is $258 million with proceeds to be used to expand into new markets, begin marketing efforts, and fight off protectionist, anti-competitive efforts

Link:
Uber Finally Confirms $258 Million Fundraising


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