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More details on Uber's massive funding round

August 23, 2013: 12:32 PM ET

121102034507-uber-iphone-app-gallery-horizontalSome details beyond the dollars.

FORTUNE -- Last month we reported that Uber was in talks with Google Ventures and TPG Capital for a massive fundraise that would value the company well north of $3 billion.

AllThingsD got the goods yesterday afternoon via a Delaware filing, which showed that Uber raised a total of $361 million at a $3.4 billion pre-money valuation. Fortune followed late last night with a scoop about how that Uber's two new board members will be TPG co-founder David Bonderman and David Drummond, Google's chief legal officer and senior VP of corporate development.

Some additional notes:

* This is by far the largest deal that Google Ventures has ever done, with its piece coming in at $258 million.

Here's some context: Google Ventures operates as a series of annual funds sponsored by Google Inc. (GOOG). The original commitment in 2009 was only $100 million. It later expanded to $200 million, and the 2013 fund size is $300 million. So not only did Google Ventures invest more than 2.5x the size of its debut fund to a single company, but it also committed more than 80% of its 2013 fund. Sounds like that $300 million figure isn't necessarily a hard cap, or there is some creative accounting going on (rumor is that Google folks are good at math).

* Also worth noting that while there have been accurate reports that Uber CEO Travis Kalanick met with Google CEO Larry Page, it was not in order to get "sign off" on the investment. Google Ventures seems to remain independent in that regard.

* Drummond is joining the Uber board, but as a common rather than as a rep for Google Ventures (which only is getting an observer seat). That may sound like a distinction without a difference, but there is some quasi-precedent. Drummond joined the board of Rocket Lawyer back in 2008 (i.e., before Google Ventures was formed), with Google Ventures investing in 2011.

* Bonderman seems to be joining for three reasons:

  1. 1. He is a jet-setting billionaire and Travis Kalanick aspires to be a jet-setting billionaire.
  2. 2. He has his fingers in all sorts of offline industries that Uber may eventually want to become involved with. Remember, Kalanick implied during last month's Brainstorm conference that the ice cream truck was an experiment rather than a customer acquisition gimmick. Uber eventually wants to provide many more on-demand services than just personal transportation.
  3. 3. He and TPG have a deep understanding of the emerging markets.

* Menlo Ventures led Uber's $37 million Series B round in late 2011, but is not at all involved in this deal.

Worth remembering that Menlo's original deal was originally sourced by Shervin Pishevar, who had joined the firm just earlier that year (and who is very close with Kalanick). Pishevar and Menlo eventually had a falling out, causing him to form his own firm earlier this year (he officially remains an advisor to Menlo Ventures).  Unclear if Menlo really wanted to put in new money at this price – existing shareholder Benchmark participated, but at nowhere near pro rata – but Pishevar isn't necessarily Menlo's advocate anymore with Kalanick.

* Neither Uber nor any of its investors are commenting. Yet.

UPDATE: Twitter has confirmed the round via blog post.

Below is video of Kalanick being interviewed last month at Fortune BrainstormTech in Aspen:

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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