Uber ( week 5)

Uber Technologies Inc. is an online transportation network company headquartered in San Francisco, California, with operations in 528 cities worldwide. It develops, markets and operates the Uber software application, which allows consumers to request car transportation or food delivery via the Uber mobile app or the Uber mobile website. It also allows drivers to earn income from delivering food or transporting passengers. Uber drivers use their own personal cars, although drivers can rent a car to drive with Uber.

Uber has been a pioneer in the sharing economy and the changes in industries as a result of the sharing economy has been referred to as “Uberification” or “Uberisation”

 Uber was founded in 2009 as UberCab by Garrett Camp, the cofounder of StumbleUpon, and Travis Kalanick, who had sold his Red Swoosh startup for $19 million in 2007. The name “Uber” is a reference to the common (and somewhat slangy) word “uber”, meaning “topmost” or “super”, and having its origins in the German word über, meaning “above”.

In terms of investing globally, with plans to expand in the Middle East, in June 2016, Uber received $3.5 billion from the Public Investment Fund of Saudi Arabia.