Liz Gannes

Recent Posts by Liz Gannes

Uber Sets Out to Raise Big New Round, for Real This Time

Uber, the San Francisco-based ride-hailing appmaker, is raising a new round of funding.

travis-kalanickThis comes just two months after the company aggressively disputed a Reuters report that claimed it was seeking funding at a valuation of $1 billion or more.

Tweeted CEO Travis Kalanick at the time, “Uber hasn’t spoken to a single investor about raising $ since Nov ’11. Any reports to the contrary (i.e. Reuters) are completely false.”

Reuters later modified its story significantly, reporting that an Uber investor had reached out to an unnamed venture capital firm simply to float the idea of a new round.

Evidently, the situation has changed since then. Multiple sources tell AllThingsD that Uber took meetings with investors yesterday, the first in a new fundraising push to fuel expansion and fight competition. It’s not yet clear which investors may be involved and what funding amounts and valuation are being discussed.

Reached for comment via email today, Kalanick struck a less dismissive tone. “I’m not in a position to discuss our financing plans,” he said.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work