Uber is getting to be one heck of an expensive ride.
The San Francisco-based ride hailing service recently completed a $1.2 billion round of financing at a pre-money — giving it a valuation of $17 billion, Uber said.
That’s more than the parent companies of Dunkin’ Donuts and Burger King — combined.
The start-up announced the funding — led by a group of mutual fund firms, including Fidelity, Wellington and Blackrock — on the company’s blog on Friday.
Cofounder and CEO Travis Kalanick said the red-hot tech company expects another $200 million from “strategic” investors to close shortly.
Uber, which pairs drivers with people looking for a ride using mobile apps, is available in 128 cities across 37 countries. The company, which was launched four years ago, plans to enter “dozens” more new cities in the next few months, said Josh Mohrer, its New York general manager.
The money raised will be used to continue its massive expansion plans, Mohrer told The Post.
Still, Uber’s $17 billion pre-money valuation has some watchers shaking their heads in disbelief.
Uber is now worth more than car-rental giant Hertz Global and Avis Budget Group. It’s also valued more richly than the tech company AOL and soup maker Campbell.
Research firm PrivCo estimates that the privately held Uber rang up $213 million in revenue last year — making it worth 80 times sales, said PrivCo CEO Sam Hamadeh.
Mohrer declined to specify how Uber came to its $17 billion valuation, but said the company is operating such that it “would be very, very profitable” if it stopped its expansion plans now.