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Uber Targets Another $2 Billion in Funding
Uber Technologies Inc., which earlier this month secured $3.5 million from Saudi Arabia’s investment fund, is seeking additional money to help it expand in global markets and fend off new competitors.
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Uber Technologies Inc., which earlier this month secured $3.5 million from Saudi Arabia’s investment fund, is seeking additional money to help it expand in global markets and fend off new competitors.
The San Francisco-based ride-hailing service aims to raise $1 billion to $2 billion via a leveraged high-yield loan, The Wall Street Journal reports. Sources tell the newspaper Uber is working with Barclays, Citigroup, Goldman Sachs and Morgan Stanley on the proposed deal. Uber and the investment firms declined to comment.
Following the Saudi deal, Uber said it had more than $11 billion in cash and convertible debt. But the company also is on a spending spree, which includes plans to invest at least $1 billion in China in coming years.
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