Uber Closes On Another $1.6 Billion In Convertible Debt From Goldman Sachs

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It’s hard to believe, but ride-hailing company Uber has closed on even more financing to expand its operations around the world. Fast on the heels of raising $1.2 billion in equity financing, the company brought on $1.6 billion in convertible debt from Goldman Sachs, a person with knowledge of the deal has confirmed.

Last summer, Uber raised $1.4 billion in Series D funding that valued it at $17 billion. Six months later, that valuation more than doubled to $40 billion, as it brought on an additional $1.2 billion. That Series E round had an additional $600 million available for strategic investors and hedge funds to invest.

Prior to the announcement of that round, we reported Uber was raising a bunch of convertible debt, and it looks like that deal has been finalized. As first reported by Bloomberg, the $1.6 billion in debt financing came from Goldman Sachs wealth management clients. Bloomberg noted that the financing would be in the form of a six-year bond that will convert into equity at a 20-30 percent discount to Uber’s valuation at the time of an IPO.

This brings the total amount of funding Uber has raised to more than $4 billion since being founded in 2010.