Uber is raising the saddest $10 billion in funding ever

Uber is still a shiny unicorn per Silicon Valley standards, but the ride-hailing giant is nowhere near as magical as it used to be.

The latest development in a series of unfortunate events: Uber signed off on a new funding round that could total up to $10 billion. That cash infusion, led by Japan’s SoftBank Group and U.S. investment group Dragoneer, would be classified as a war chest to nearly every other company in the world. But to Uber, it’s a sad development in a long wave of painful setbacks. 

“We believe this agreement is a strong vote of confidence in Uber’s long-term potential. Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance” an Uber spokesperson wrote in an email to Mashable. Read more…

More about Uber, Silicon Valley, Ride Hailing Apps, Didi Chuxing, and Softbank