Uber is raising money — again.
Bloomberg reports today that the on-demand transit company has raised $1.6 billion — with a “b” — in convertible debt from Goldman Sachs Wealth Management clients that will convert into equity when Uber files for an IPO.
Bloomberg also noted that Uber is raising an extra $600 million in hedge funds to add on to the $1.2 billion funding round that the company raised just last month.
Five months prior to the $1.2 billion round, which valued Uber at $40 billion, Uber raised another $1.2 billion at a $17 billion valuation in June.
The $1.6 billion round reported today will be used to help Uber expand internationally and build out its car-pooling service, UberPool. It also pushes total funding for the company past a whopping $4 billion. Uber, which launched in 2009, is now operating in 277 cities across 54 countries.
