Google Ventures Invests $250 Million in Uber
Google Ventures has invested about $250 million in Uber, a popular transportation app that connects passengers with drivers of luxury vehicles, reports AllThingsD.
A Delaware filing by Uber indicates that it has sold stock to private equity giant TPG, Benchmark, and Google Ventures.
The public filing, which is below, indicates that TPG has bought 775,092 shares of Series C-2 preferred shares at $114.03. That is an investment of just under $90 million. According to sources, TPG also bought some shares from existing investors, including longtime Silicon Valley entrepreneur Garrett Camp.
In addition, current Uber investor Benchmark has bought an additional 105,234 shares of Series C-1 preferred shares at $142.54. According to the document, that leaves a large number of C-1 shares — about 1.8 million — that sources said had been sold to Google Ventures for about $250 million total. Google is not named in the public document.
Sources tell AllThingsD that Google won the investment due to direct intervention by CEO Larry Page.
Uber is estimated bring in $125 million in total revenue this year. That's higher than initial projections.
You can download Uber from the App Store for free.