Uber Enlists Goldman Sachs To Raise Funds

Uber has asked Goldman Sachs GS to help it raise money from the bank’s clients, according to Fortune.

According to the report, “Goldman’s global wealth management team was informed of the deal this morning, and began sending out packets of information to their clients. All we know right now is that the offered securities are structured as convertible debt, and could raise hundreds of millions of dollars to support Uber’s balance sheet and international expansion efforts.

“This offering is completely separate from a previously-reported fundraise targeted at institutional investors, which could raise more than $1 billion at around a $40 billion valuation. Given that Goldman clients would have fewer downside protections and information rights than would the institutional backers, this deal likely comes with a significantly lower valuation.”

There is no information on any potential exit strategies for investors and no IPO is planned or promised at this time.