Uber raises $1.2B at $17B valuation; GSV Capital rises

|About: GSV Capital (GSVC)|By:, SA News Editor

Uber has raised $1.2B at a whopping $17B pre-money valuation - well above the $10B valuation the app-based taxi service platform was reportedly targeting not too long ago.

The funding round makes Uber, which receives a 20% cut on enabled taxi fares, nearly as valuable as LinkedIn, and more valuable than Yahoo after backing out its Alibaba/Yahoo Japan stakes.

GSV Capital (GSVC +4.3%), which has invested in Uber rival Lyft and plenty of other late-stage startups, has received a boost from the report. Google invested in Uber last year at a much lower $3.5B valuation.

In a Q&A, CEO Travis Kalanick notes Uber is now in 128 cities and nearly 40 countries, and is experimenting with an expansion into logistics services. A courier service called Uber Rush was recently launched in Manhattan.