Uber snags $1.2 billion in new round of funding

Tight-lipped Uber CEO: Company 'private for a reason'
Tight-lipped Uber CEO: Company 'private for a reason'

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.

Early investors in the company have already made a fortune.

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