Taxi booking app startup Uber is said to be close to negotiating another round of funding which will place its value between $35bn and $40bn (£22bn to £25bn).
According to people with knowledge of the situation, Uber is aiming to raise at least $1bn during the financing round, which will likely include investments from existing partner Fidelity Investments and new investor T. Rowe Price Group.
A valuation of $40bn would more than double the $17bn the company was valued at during its previous financing round in June. At the time, the valuation broke records for a US technology startup in a direct investment round, marking Uber as a leader of the latest pack of elite US technology startups.
The funding round has yet to be finalised, so the terms of the deal and group of investors are still subject to change, with T. Rowe reportedly having come close to investing in Uber in previous funding rounds only to drop out.