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December 5, 2014

Uber sets sights on Asia Pacific with $1.2bn funding

The investment will be followed by creation of more than a million jobs.

By CBR Staff Writer

Ridesharing service Uber has raised $1.2bn, which could see its value increase to $40bn.

The company announced that the funding will be used to expand its services in the Asia Pacific region, an area where the company is presently looking to expand.

According to Uber, the service will be cheaper than owning a car and will also reduce the parking related problems in cities.

The company has not revealed the name of the investors but Tech Crunch reported that investors include Sequoia, TPG, Fidelity Investments, Wellington Management, Kleiner Perkins Caufield & Byers and Menlo Ventures.

Referring to the recent privacy violation, Uber CEO Travis Kalanick said: "The events of the recent weeks have shown us that we also need to invest in internal growth and change."

"Acknowledging mistakes and learning from them are the first steps. We are collaborating across the company and seeking counsel from those who have gone through similar challenges to allow us to refine and change where needed."

Travis said that Uber will be making changes and expects it to become a more smarter and more humble company, setting new standards in data privacy.

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