Google Ventures invests $250 million in mobile taxi hailing service Uber

Google Ventures invests $250 million in mobile taxi hailing service Uber

Mobile taxi hailing service Uber got a new flood of cash from none else but Google. Actually, it was the search giant’s VC arm, Google Ventures, which invested in the company alongside TPG Capital.

Under the deal, Google’s chief legal officer David Drummond will take a seat on Uber’s board, presumingly to help it deal with regulatory issues in the markets throughout Europe and Asia.

According to a public filing spotted by AllThingsD, Uber is now valued at around $3.5 billion, confirming there’s money to be made in this market. Revenue wise, Uber should bring in some $125 million in 2013.

At present, Uber is available in 41 cities across the world, and it’s aggressively pursuing expansion into more countries. However, it doesn’t seem to work the way its founders intended to it in the New York City, where the service is turning out to be most useful during off-peak hours in less served locations…

[Via: TheVerge]

  • PeterSteinbeck

    So next time you’re in Google Maps don’t be surprised when you see the option to hail taxi. :)

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