Uber has expanded its latest round of financing by $1 billion. The company originally secured $1.2 billion and has increased that to a total capacity for the Series E round at $2.8 billion, according to the NYT.
Uber has confirmed the expansion with the following statement:
The participation we have seen in Uber’s Series E underscores the confidence investors have in Uber’s growth and the key priorities of UberPOOL and further international expansion.
In early December, Uber announced the close of a $1.2 billion Series E round that pegged the company at a valuation north of $40 billion. Though Uber has been shy about revealing investor names, rumors suggest that Sequoia, TPG, Fidelity Investments, Wellington Management, Kleiner Perkins Caufield & Byers, and/or Menlo Ventures may have participated.
The NYT reports that Uber decided to expand the Series E round after “overwhelming demand from institutional investors” to participate in the financing. The company said that it had originally left room for $600 million in strategic investment, but that the $600 million was soon oversubscribed and needed to be increased.
With the new money, Uber will continue investing in expansion, likely in Asian regions, as well as the UberPool service.
You can check out more information on the expansion here at VCExperts.