Uber has raised $1.2 billion in financing—with Boston-based Fidelity Investments among the leaders of the round—pegging its valuation at $17 billion.
The financing charge had been much talked about this week as the reported valuation started to flirt with that $17 billion figure. Uber announced the round on its website today.
The San Francisco-based ride-calling and sharing service was valued at $3.5 billion when it completed a Series C round last year. Less than a month ago, the company had reportedly been seeking a $12 billion valuation. According to the Wall Street Journal, Facebook is the only company to have raised money from private investors at a higher valuation—$50 billion.
Uber’s whopping valuation comes on the heels of news this spring that sharing economy cohort, short-term rental service Airbnb, had been valued at $10 billion.