Too Legit to Quit: Uber Raises $1.2 Billion

Ride-sharing service picks up big money

Despite nagging questions about its legitimacy and its future, the hot car service/tech startup Uber just raised $1.2 billion.

Uber operates in cities that have attempted to regulate it out of business, and at least one analyst thinks investors should be worried about the risk. “Its entire business is basically illegal,” said Sam Hamadeh, CEO of PrivCo, which tracks the valuations of tech startups.

San Francisco-based Uber—which, since its launch in 2009, has expanded to several dozen markets in North America and 35 other countries—is now worth $17 billion, one of the highest valuations ever for a tech startup.

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