Uber Technologies Inc. has reportedly completed a new round of funding that values the firm at more than $50 billion.
According to The Wall Street Journal, Uber raised roughly $1 billion in this latest funding round. That makes it the highest-valued startup in the world. It also ties Facebook Inc.'s (Nasdaq: FB) record as highest valued startup pre-IPO.
The Journal reports the latest round of funding will help Uber strengthen its technology and help with global expansion. Microsoft Corp. (Nasdaq: MSFT) and the Indian Media company Bennett Coleman & Co. are said to be investors.
Uber has grown at a tremendous rate. In May 2014, the San Francisco-based company was valued at $18 billion. Its value topped $40 billion by December 2014. In the first quarter of 2015, business spending on Uber accounted for 46% of the entire transportation market. That's more than three times higher than Uber's Q1 2014 share of 15%.
Uber officials said they had more than $400 million in revenue in 2014 and expect that number to climb to $2 billion for the full-year 2015.
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