Monday, July 29, 2013

Uber's Big Round Being Led By Texas Pacific Group

Austin- and Fort Worth-based private equity investor TPG normally keeps a pretty low profile, despite its $56.7 billion under management. However, the investor's latest deal looks to be attracting quite a bit of attention. According to multiple reports, TPG Capital is leading a new investment in Uber, the sexy smartphone-driven, car service which has been looking to overturn the taxi business. Reports say that TPG is leading--and may take the entire funding--for a $150M funding round in Uber at a valuation of $4 billion. Uber offers its service nationwide in major cities; so far, it only provides service in Dallas Fort Worth, covering a segment of the DFW area. Uber launched in Dallas last year, and has yet to expand to other markets here like Austin and Houston.