Uber has announced that it has finished raising $$1 billion to expand its efforts in China. The cash was raised from Asian hedge fund Hillhouse Capital, Chinese search engine Baidu, and Chinese investment bank Citic, among other groups. The news comes two months after Uber China formally launched its fundraising plans, so this was not a particularly fast process in Uber-terms. This could be explained by local reports suggesting that investors were wary about backing Uber"s China-specific branch because the Chinese government has a track record of antagonistic relationships with American companies.
Uber has announced that it has finished raising $1bn to expand its efforts in China. The cash was raised from Asian hedge fund Hillhouse Capital, Chinese search engine Baidu, and Chinese investment bank Citic, among other groups. The news comes two months after Uber China formally launched its fundraising plans, so this was not a particularly fast process in Uber-terms. This could be explained by local reports suggesting that investors were wary about backing Uber"s China-specific branch because the Chinese government has a track record of antagonistic relationships with American companies.