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Uber Looks to Raise $2.8B to Aid in International Expansion

Uber is growing at such a rapid fire clip that more investors want a piece of it. In response, the ‘hail-a-car-on-demand’ company announced this week it’s expanding the amount of capital it expects to raise in its current round of funding to a total of $2.8 billion. That is $1 billion more than the raise announced in December. Uber raised $4 billion in the previous round. But consider that in 2015, it already expects $2 billion in net revenue after it pays out its drivers. That figure is 5 times what Uber made in 2014. Where will all the money go? The company has made it no secret that one initiative is called UberPool, which links multiple passengers heading toward the same destination and lets them split the cost. Uber is also working to expand European operations and push into the Asia-Pacific region. Uber’s valuation now stands at $41 billion. Compare that to rival Lyft, which is currently valued at $2 billion. Lyft is also fundraising. The New York Times indicates at least one previous investor, the Alibaba Group of China, may be helping out.

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