THE NEWS WRAP: Uber expands Series E round to $2.8 billion

Transportation network startup Uber has expanded its Series E round of venture financing to nearly $2.8 billion after increased investor demand, The New York Times reports.

Uber initially announced it has closed the round at $1.2 billion, leaving space for $600 million in strategic investments.

That $600 million was quickly oversubscribed and Uber decided to increase the amount. Part of the additional investment came from Chinese internet giant Baidu.

YouTube still growing

Online video behemoth YouTube has seen 50% annual growth in views over the past years, despite increased competition from the likes of Facebook.

YouTube’s head of content, Robert Kyncl, told Marketing Land competition from Facebook and Twitter is actually helpful to YouTube.

He says there’s plenty of room for large players in the online video market, which he estimates to be valued at between $200 billion and $400 billion.

ScienceLogic raises $43 million

Goldman Sachs has led a $43 million funding round for IT monitoring company ScienceLogic, The Wall Street Journal reports.

The Series D round more than doubles funding for the 12-year-old company, which tackles problems that arise when moving software to the cloud.

Overnight

The Dow Jones Industrial Average is down 44.08 to 17,985.77. The Australian Dollar is currently trading at US78 cents.

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