Uber raises $1.2b

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 start-up, Reuters reported over the weekend.

Uber CEO Travis Kalanick announced the funding round on Uber's blog Friday.

The investors in the round valued Uber "pre-money" at $17 billion, the blog post said. The $1.2 billion infusion took the start-up's valuation to $18.2 billion.