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Venture Capital News: Uber Raises Convertible Note Investment

2015-06-23
SAN FRANCISCO, CA, Uber Technologies is getting a big Chinese backer as the ride-sharing service revs up for an initial public offering.
According to Wall Street Journal and Marketwatch, Chinese fund manager Hillhouse Capital Group is leading an investment in Uber Technologies Inc., purchasing bonds that convert into shares at a discount to the ride-hailing company's future initial public offering price, according to people familiar with the situation.

The deal, which is in the range of $1 billion, has sparked some controversy as Hillhouse Capital is also an investor in Didi Kuaidi Joint Co., which is China's largest taxi-hailing app and major Uber competitor in China.

Uber is ramping up its efforts in China, pledging to spend $1 billion in the country this year and has launched a separate fundraising round specifically for its China operations, UberChina, on Monday.
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