Google Ventures Takes Uber For a $258M Ride
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According to a public filing by AllThingsD, Uber is currently valued at $3.5 billion. This number has not gone unnoticed by Google Ventures, an investment arm of Google, who has reportedly invested $258 million into the startup. In an article published by TechCrunch, this investment is Google Venture’s largest to date — signaling a growth spurt for Uber.
There is no doubt the mobile taxi hailing industry is being saturated daily with companies like Uber, Hailo and GetTaxi. Uber operates in 41 cities across the world, and it is actively looking to expand further.
Despite the positive attention, Uber is actually struggling in one of its biggest markets: New York. It is reported that Uber is most useful during off-peak hours in less busy areas, and not as a total replacement for the usual taxi hailing. In spite of its slow start, Uber is projected to bring in $125 million in total revenue this year.
Here are some other Google Ventures companies that have succeeded:
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