Uber Seeks More than $1 Billion in New Funding

Uber Technologies Inc., which raised $1.2 billion in funding in June, is telling investors it is preparing to seek an additional $1 billion-$2 billion, according to media reports.

The international ride-share company is in preliminary discussions about the new round of financing, which could give Uber a valuation of $25 billion or more.

Sources tell the Financial Times that Uber still has $1 billion available from last summer's round of financing. Observers say the company doesn't need more capital but appears eager to cash in on intense interest among investors in the five-year-old company.