Venture capital-backed Uber Technologies has secured $1.2bn in a round that valued the on-demand car services business at $17bn.
Uber aims to raise a total $1.4bn via the round with a second close of strategic investors expected soon. The company said that round was backed by tier institutional investors, mutual funds, private equity and venture capital firms.
It was previously reported that Uber was in talks with investors to raise a new round at a valuation of more than $10bn.
Uber raised $258m last year in a funding round that valued it at $258m.
Back in 2011 Menlo Ventures led a $39m Series C for the business.
Earlier this year Menlo hired Tyler Sosin as a principal to focus on sourcing deals in the enterprise software, financial services and consumer internet sectors.
Sosin previously worked as an associate at Accel Partners in London where he sourced investments in Aorato, GoCardless, Calastone, and PeerTransfer.
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