Fidelity Said to Be Competing to Lead Uber Round at $17B

Fidelity Investments is competing to lead Uber Technologies Inc.'s new financing in a round that could value the ride-sharing service at about $17 billion, according to people familiar with the situation. Uber's new financing, if completed at a $17 billion valuation, would mean the company is more valuable than public technology companies including car-rental service Hertz Global Holdings Inc. and retailer Best Buy Co. Other closely held technology startups such as Dropbox Inc. and Airbnb Inc. have raised money at a $10 billion valuation in recent months. Representatives for Uber and Boston-based Fidelity either declined to comment or didn't return a call for comment. Uber Chief Executive Officer Travis Kalanick said last week that the car-service booking application could fetch a "record breaking" valuation with its funding.

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