Uber Seeks To Raise $1 Billion

Uber, the rapidly growing car service, is hoping to raise at least $1 billion in new capital, according to a report in the Financial Times. The San Francisco-based company is in early conversations with investors to raise new capital after raising $1.2 billion in funding for international expansion. This latest move to increase its capital further raises the question of how long the company will remain private. If the company meets this goal, its valuation would rise above $17 billion, which was based on the last round of funding. The five-year-old company hopes to build a war chest of $2 billion to expand in Asia, Latin America, Eastern Europe and Africa, as well as investing in new transportation and logistics, according to the report.