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Uber today announced it has raised a whopping $1.2 billion from “top tier institutional investors, mutual funds, private equity and venture capital partners.” The new funding round values the company at around $17 billion, and Uber expects the total amount raised to be $1.4 billion once a second batch of investors are finalized. Uber’s private car hire service has made quite an impression since it debuted four years ago. The ability to call up a car and pay with a smartphone app was hardly new, but Uber’s broad selection of vehicles, location-tracking features and premium customer experience certainly set it…

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