Uber’s Latest Financing Drive Jumps to $2.8 Billion

The $1.2 billion Series E fundraising effort Uber Technologies Inc. launched late last year expanded to $2.8 billion on Wednesday, according to a filing in Delaware.

The original funding round sought $1.2 billion and was later extended by $600 million. Uber previously attracted some $4.9 billion in nine rounds of financing.

The ride-hailing service says it will use the additional cash to push global expansion, especially in Asia, and to extend its UberPool ride-sharing scheme. UberPool enables customers to lower the cost of a ride by sharing it with another passenger.

The new funding also will help Uber battle strong opposition in multiple markets to certain of its services that use independent drivers, thereby circumventing well-established taxi licensing and regulatory processes.