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takyon [soylentnews.org] writes:

Saudi Arabia's sovereign wealth fund has invested $3.5 billion in Uber, in a funding round that raised $11 billion. Bloomberg reports that no IPO is within sight [bloomberg.com]:

Meanwhile, Uber's biggest rivals have been stocking up. Apple invested $1 billion in Didi last month (Didi is working to close a total $3.5 billion soon), General Motors Co. backed Lyft in January, and Volkswagen AG pledged $300 million to Israel-based ride-hailing company Gett Inc. last month. There's a seemingly endless roster of investors anxious to buy into Kalanick's vision for upending the transportation sector. "Uber is in a class by itself," said Anand Sanwal, co-founder of CB Insights, a firm that tracks startup investment. "There is insatiable appetite for Uber stock," he said, referring to the company's ability to continually raise large amounts of money.

Also at NYT [nytimes.com].

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