By Daniel Hunter

Uber, the taxing booking firm, has been valued at $40 billion (£25.5 billion) following the latest stage of fundraising.

The San Francisco-based company secured its status as one of most highly valued new technology start-ups after it raised a further $1.2 billion from investors.

In a blog post on Thursday, Uber's co-founder Travis Kalanick said the new money would help expansion in Asia.

"Events of the recent weeks have shown us that we also need to invest in internal growth and change," In his blog, Mr Kalanick said/

"Acknowledging mistakes and learning from them are the first steps," he added, in reference to an apology that was issued after the firm was accused of planning smear tactics against journalists and of tracking its users without their permission.

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