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Uber snags $1.2 billion in new funding; seen valued at $18 billion Published: June 6, 2014

(Reuters) - Uber Inc has raised $1.2 billion from mutual funds and other investors in a funding round valuing the fast-growing rides-on-demand service at $18.2 billion, one of the highest valuations ever for a Silicon Valley startup.

Uber Chief Executive Officer Travis Kalanick announced the funding round on Uber's blog Friday.

The funding, eclipsed only by the likes of Facebook Inc before it went public, is a vote of confidence by investors in four-year-old Uber's growth potential, according to Reuters.

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