Uber announces $1.4B fundraising round, now valued at $18.4B post-money

Yes, Uber really is worth that much.

The ridesharing service’s CEO Travis Kalanick announced in a blog post Friday that the company had raised $1.2 billion. With another bit of funding from strategic investors still in the pipeline, the company will raise $1.4 billion total at an $18.4 billion post-money valuation.

In the post, which also marks the company’s fourth birthday, Kalanick shared some stats: Uber operates in 128 cities in 37 countries, creating 20,000 new jobs per month. And they’re apparently not all low-paying gigs: a report from the Washington Post last week indicated that Uber drivers in New York City make a median of $90,766 a year and San Francisco drivers make $74,191. While it’s unclear exactly what the company will do with this massive round of funding, Kalanick says in the blog post that expansion is on the horizon.

“This ‘Uber’ way of life is really a reflection of our mission to turn ground transportation into a seamless service,” Kalanick wrote, “and to enable a transportation alternative in cities that makes car ownership a thing of the past.”

This article was updated to include Uber’s post-money valuation of $18.4 billion in place of the confirmed pre-money $17 billion valuation.