Financing might drive Uber's value over $10B: report

Uber Technologies Inc., the company that makes a mobile app for a ride-sharing service, is in talks to raise new financing that might value it at more than $10 billion, Bloomberg reports. That would almost triple the company’s value from $3.5 billion last year.

Ride-sharing companies Uber and Lyft have become popular, especially among younger professionals comfortable with ordering all sorts of services and merchandise on their smartphones.

The ride-sharing operations have come under fire from cab companies, and in Illinois two bills advanced together out of committee Wednesday that would regulate companies such as Uber and Lyft statewide.

“The bill creates regulations and requirements for commercial ride-sharing arrangements or transportation and personal-use vehicle prearranged through a dispatcher for a fee,” said Sen. Antonio “Tony” Munoz, D-Chicago, the bills’ chief Senate sponsor.

In addition to mandating companies provide liability insurance, the combined effect of the bills would divide ride-sharing drivers into two tiers, based on the number of hours they work.

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