Uber, the company that aims to disrupt the taxi industry by enabling riders to order cars with the touch of a button, said Friday that it closed a round of financing that values the company at $17 billion.
In a release, the company said it raised $1.2 billion from "institutional investors, mutual funds, private equity and venture capital," with a second round of investors coming soon.
The company, which has not announced plans for an IPO, is both highly controversial and one of the most prominent startups of recent years. It faces, among other issues, a variety objections from state regulators, and traditional taxi companies.
Early investors in the company have already made a fortune.