New fundraising could push Uber valuation up to $50 billion

Uber, the technology company which has been expanding from its cab-hailing service to offer food deliveries, courier services and e-shopping fulfilment, is set to engage in a new round of funding which could take its valuation up to $50 billion. According to an article published by the Wall Street Journal on Friday (8 May), Uber has briefed investors on its plans to raise between $1.5 billion and $2 billion in new funding.

If Uber does make the $50 billion target it could, according to the Wall Street Journal, become the most valuable venture-backed startup in history.

As previously reported, Uber has been branching out over the past 18 months with: UberEATS, a food delivery service; UberESSENTIALS, an everyday items delivery service, UberRUSH, a courier service; and the new venture, Uber Merchant Program, offering same-day deliveries for online shoppers.