Uber Receives $18.2 Billion Valuation

Photo by Oli Scarff/Getty Images(NEW YORK) -- Uber, the smartphone app that allows users to easily arrange for car service, received a valuation of over $18 billion this past week.

The company reported on its website that they had raised $1.2 billion in primary capital with a $17 billion pre-money valuation. The new influx of money comes from "top tier institutional investors, mutual funds, private equity and venture capital partners."

Uber opened operations in San Francisco just about four years ago. They currently operate in 128 cities in 37 countries.

The Wall Street Journal reports that Uber's revenue is just a fraction of the $18.2 billion valuation, but is rapidly growing.

Copyright 2014 ABC News Radio

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