Uber, the company that aims to disrupt the taxi industry by enabling riders to order cars with the touch of a button, said Friday that it closed a round of financing.
In a release, the company said it raised $1.2 billion from "institutional investors, mutual funds, private equity and venture capital," with a second round of investors coming soon.
The new round of financing values the company at a total $18.2 billion. The company's pre-money valuation, not counting the latest round of funding, was $17 billion.
The company, which has not announced plans for an IPO, is both highly controversial and one of the most prominent startups of recent years. It faces, among other issues, a variety objections from state regulators, and traditional taxi companies.