Uber
File illustration picture showing the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi sign in Frankfurt, September 15, 2014. A Frankfurt court earlier this month instituted a temporary injunction against Uber from offering car-sharing services across Germany. San Francisco-based Uber, which allows users to summon taxi-like services on their smartphones, offers two main services, Uber, its classic low-cost, limousine pick-up service, and Uberpop, a newer ride-sharing service, which connects private drivers to passengers – an established practice in Germany that nonetheless operates in a legal grey area of rules governing commercial transportation. REUTERS/Kai Pfaffenbach/Files (GERMANY – Tags: BUSINESS EMPLOYMENT CRIME LAW TRANSPORT)

Uber Technologies Inc. announced on Wednesday that it finally closed an investment round which brought the company almost $2 billion from a number of Chinese firms. A part of this funding was as a round that valued the US firm’s Chinese unit at $7 billion. The Chinese subdivision of Uber closed the deal on Monday, according to Chinese media.

Investors who took part in the round include HNA Group Co Ltd, parent of Hainan Airlines Co Ltd, China Taiping Insurance Holdings Co Ltd, China Life Insurance Co Ltd, Guangzhou Automobile Group Co ltd and CITIC Securities Co Ltd. The company also picked up three new backers– China Minsheng Banking Corp, real estate developer China Vanke Co Ltd and China Broadband Capital.

The funding will be used to improve Uber’s services in China and the rest of the capital will be going to Uber’s main unit. The company, however, did not specify how much each unit got. The details of the funding were confirmed by a Uber spokesperson on Wednesday.

The China unit of Uber finally closed a series b investment round in the country after a long and gruesome process that started last summer. The pre-round value of the firm was $7 billion on Monday. Uber, though, hasn’t disclosed the amount of the funding.


 

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