Uber has released more stocks in a bid to raise an extra $1 billion and meet investor demand.
The controversial taxi-hailing company is set to expand its latest round of venture capital funding to feed hungry investors that want to buy more of the company’s stock, despite the opposition that Uber has faced from governments around the world.
When Uber raised $1.2 billion in December it estimated that it could take on an additional $600 million in investments.
However, investor appetite has proven to be larger than the company originally anticipated.
To meet the demand, Uber will expand that round and issue approximately 30 million additional shares valued at $33.31, according to documents filed Wednesday with the Delaware secretary of state. Uber is based in San Francisco and incorporated in Delaware.
The latest expansion brings the total amount of money Uber raised from the funding round to $2.8 billion. The extra cash injection doesn't increase Uber's valuation, which is still $40 billion.
Overall, Uber has raised nearly $6 billion in funding since it launched in 2009.
Money from the most recent funding round will be used to expand Uber's Asia-Pacific operations, CEO Travis Kalanick said at the time.