Uber confirmed that it had raise USD258 million in new funding which added a number of new members to its board of directors. The funding came from Google Ventures and TPG and was a move to help the growth of the company as confirmed by Uber Chief Executive Officer Travis Kalanick. This was according to a brief blog article from the company that was taken down quickly.
The new funds would be used to finance expansion into new markets. It would also be used to start marketing efforts. Kalanick also said that the money was to combat off protectionist and anti-competitive efforts in the industry. Taking aboard a new set of members from the new investors would be as important as getting the new funds, said Kalanick.
Along with the new investment, Google SVP of Corporate Development and Chief Legal Officer David Drummond would join the Uber Board of Directors. With Google backing up Uber, Kalanick said that the firm would strategically connect around product initiatives. Also, the startup Uber would likely get helped by Google regarding local governments and regulatory bodies as the company looked into expansion.
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