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Uber Announces Whopping $1 Billion In Funding

Uber Announces Whopping $1 Billion In Funding
[Photo: Flickr user Takashi Hososhima]

Oh, what a relief it must be for Uber to finally have some good news to share. After weeks of being embroiled in negative press, the company announced on Thursday that they’d raised $1.2 billion in funding.

In a post on the company’s blog, Uber CEO Travis Kalanick announced the massive round of funding, which he said would be instrumental in the company’s continued growth. Uber has grown six times as large as this time last year and now serves 250 cities in 50 countries.

But despite the celebratory tone of the post, Kalanick acknowledged Uber’s recent rough patch. “This kind of growth has also come with significant growing pains,” he wrote. “The events of the recent weeks have shown us that we also need to invest in internal growth and change. Acknowledging mistakes and learning from them are the first steps. We are collaborating across the company and seeking counsel from those who have gone through similar challenges to allow us to refine and change where needed.”

The message points to Uber’s ability to “take swift action,” something some might disagree with in light of the fact that no one at the company was let go in the wake of the controversy over threats to snoop on journalists.MK