INNOVATIVE car hire app Uber is set to hit a valuation of $10bn (£6bn) in its latest round of funding as the company looks to raise less than $1bn from new private equity investors.
The San Francisco-based startup, whose iOS and Android app offers smartphone users the ability to book a car in 113 cities worldwide, will see its valuation jump from the $3.5bn it was valued at last year when it raised $258m.
According to Bloomberg, Uber is set to join a host of startups who have recently passed the $10bn threshold including Airbnb and Dropbox.
Chief executive Travis Kalanick has hinted that Uber's business possibilities could extend further than just carrying around people, with the firm last month trialling a courier service that utilises its fleet of drivers in New York, further stoking excitement about the firm.
Despite Uber's success, Kalanick has repeatedly shot down suggestions that the private car hire service will look to go public in the near future.
UBER TIMELINE 2009-14 ? 2009 - UberCab founded by Garrett Camp and Travis Kalanick ? June 2010 - Uber launches in San Francisco with Ryan Graves as its first chief executive ? Early 2011 - Uber's first Series A funding raises $11.5m led by Benchmark Capital ? Late 2011 - Uber raised a second round of funding with $32m from Goldman Sachs, Menlo Ventures and Bezos Expeditions ? July 2012 - Uber launches in London with an initial 90 drivers.
? July 2013 - Uber raises up to $200m at a valuation of $3.5bn ? April 2014 - Uber launches in its 100th city and now operates in 34 countries around the world ? May 2014 - Uber launches UberXL, a cheap SUV hire service in San Francisco