Taxi app Uber valued at $18 billion in new funding round

IT’S only been around four years and you may never have heard of it, but one mobile-based company has just been valued at A$18 billion.

LONDON, ENGLAND - JUNE 02: In this photo illustration, a smartphone displays the 'Uber' mobile application which allows users to hail private-hire cars from any location on June 2, 2014 in London, England. The controversial piece of software, which is opposed by established taxi drivers, currently serves more than 100 cities in 37 countries. London's black cabs are seeking a High Court ruling on the claim that the Uber software is breaking the law by using an app as a taxi meter to determine rates. (Photo by Oli Scarff/Getty Images)

THE start-up behind internet Age taxi app Uber saw its value jump to A$18 billion Friday with a new round of funding that will pump about $1.4 billion into its tank.

“With our growth and expansion, the company has evolved from being a scrappy Silicon Valley tech start-up to being a way of life for millions of people in cities around the world,” Uber said in a blog post.

The start-up maintained that its mission is to “enable a transportation alternative in cities that makes car ownership a thing of the past.” Since launching in San Francisco four years ago, Uber has spread to 128 cities in 37 countries, according to the company.

Uber allows users to hail private cars from anywhere. Pic: Oli Scarff.

Uber said the latest funding round will result in about $1.4 billion being raised and give the company a value of $18 billion.

Uber, launched in 2009, offers a mobile app connecting passengers and taxis along with a “black car” service.

Uber is the most prominent of the apps that are shaking up the traditional taxi landscape in cities around the world.

The company has faced significant resistance from regulators. In New York, for example, Uber's rates run afoul of fares set by the city's taxi commission.

Uber has also faced regulatory issues in Europe and protests from taxi operators who claim the service is unfair competition and fails to live up to standards set for such services.