Uber, the fast growing alternative taxi transportation service is now in discussion with a venture capital firm about a new funding round that is forecasted to value the company at about US$1 billion. The discussions were confirmed by a person familiar with the negotiations with Reuters.
Uber's CEO Travis Kalanick said that the taxi service firm was not in the process of raising funds.
The process of Uber is it allows customers to find rides among the many for-hire car services, like limousines or vans through the use of an application on their smartphones. It has become popular in areas where cabs are hard to find, such as San Francisco and in New York.
If the company was able to raise funds at US$1 billion, it would become part of a select group of start-up companies that have earned ten figure valuations.
According to Kalanick, the company 'has not raised funds or approached a single investor about raising funds since our Series B round in November 2011. Any reports to the contrary are just completely untrue.'
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