Uber’s valuation continues to soar.
The Wall Street Journal reports that Uber has closed a funding round of almost $1 billion, pushing its worth past the $50 billion mark. The San Francisco-based company has been on a clear upward trajectory. Just seven months ago, Uber confirmed a round of financing that put its valuation at $18 billion; six months before that, investors had valued the company at $17 billion.
What’s remarkable is that Uber achieved this milestone in six years, eclipsing Facebook’s rate of growth. The social network, which went public in 2012, was valued at $50 billion in 2011, its seventh year.
Investors are clearly eager to get onboard as Uber accelerates its growth globally. The report of Uber’s latest funding comes on the heels of its announcement yesterday (July 30) that it will invest $1 billion to scale its operations in India, one of Uber’s fastest-growing markets. The car-hailing service is now available in more than 300 cities.