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August 24, 2013 01:20 am GMT
Well, it’s official — Uber has confirmed that it raised $258 million in new funding and added a couple of new members to its board of directors to help move it forward. In a blog post that appeared briefly but was quickly taken down, Uber CEO Travis Kalanick confirmed that the new money came from Google Ventures and TPG. The company plans to use the funding to move into new markets, begin marketing efforts, and to fight off protectionist, anti-competitive efforts, Kalanick wrote. And while the money will surely help, the backing from the new investors and board member should be equally as important. Along with the funding, Google SVP of Corporate Development and Chief Legal Officer David Drummond will be joining the board. On Google backing, Kalanick said the company will be looking to connect strategically around product initiatives. Also, the startup will likely lean on Google for help with local governments and regulatory bodies as it expands. TPG founding partner David Bonderman will also be joining the board. On the TPG side, Kalanick wrote that it will look to the private equity firm for some of its operations and their regulatory know-how. Since the blog post has been taken down, here’s the text of the announcement as it first appeared: As many of you have seen in the press today, Uber recently closed a financing round. We wanted to put out the official word to make sure the facts were clear and confirmed. This round is $258 million with proceeds to be used to expand into new markets, begin marketing efforts, and fight off protectionist, anti-competitive efforts. The financing was led by Google Ventures with TPG Growth participating. David Drummond, Googles SVP of Corporate Development and Chief Legal Officer will be joining the Uber board. David Bonderman, founding partner of TPG, will also be joining the board. The numbers on this financing are fairly substantial. It is a reflection of our growth to date and continuing success. But with this new investment, expectations naturally increase and there is a new standard of excellence and accomplishment that we seek to live up to. Our vision is to build a technology company that changes transportation and logistics in urban centers around the world and this financing gives us the fuel to make that a reality. We couldnt be more excited to embark on the next phase of our journey with
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/yRKNzavHENg/
Uber Confirms That It Raised $258M From Google Ventures And TPG
Well, it’s official — Uber has confirmed that it raised $258 million in new funding and added a couple of new members to its board of directors to help move it forward. In a blog post that appeared briefly but was quickly taken down, Uber CEO Travis Kalanick confirmed that the new money came from Google Ventures and TPG. The company plans to use the funding to move into new markets, begin marketing efforts, and to fight off protectionist, anti-competitive efforts, Kalanick wrote. And while the money will surely help, the backing from the new investors and board member should be equally as important. Along with the funding, Google SVP of Corporate Development and Chief Legal Officer David Drummond will be joining the board. On Google backing, Kalanick said the company will be looking to connect strategically around product initiatives. Also, the startup will likely lean on Google for help with local governments and regulatory bodies as it expands. TPG founding partner David Bonderman will also be joining the board. On the TPG side, Kalanick wrote that it will look to the private equity firm for some of its operations and their regulatory know-how. Since the blog post has been taken down, here’s the text of the announcement as it first appeared: As many of you have seen in the press today, Uber recently closed a financing round. We wanted to put out the official word to make sure the facts were clear and confirmed. This round is $258 million with proceeds to be used to expand into new markets, begin marketing efforts, and fight off protectionist, anti-competitive efforts. The financing was led by Google Ventures with TPG Growth participating. David Drummond, Googles SVP of Corporate Development and Chief Legal Officer will be joining the Uber board. David Bonderman, founding partner of TPG, will also be joining the board. The numbers on this financing are fairly substantial. It is a reflection of our growth to date and continuing success. But with this new investment, expectations naturally increase and there is a new standard of excellence and accomplishment that we seek to live up to. Our vision is to build a technology company that changes transportation and logistics in urban centers around the world and this financing gives us the fuel to make that a reality. We couldnt be more excited to embark on the next phase of our journey withOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/yRKNzavHENg/
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