Uber valued at more than $50 billion in new round of funding.

Uber Technologies Inc. has closed a new round of funding valuing the five-year-old ride-hailing company at close to $51 billion, according to people familiar with the matter, equaling Facebook Inc.’s record for a private venture-backed startup.

Uber raised close to $1 billion in the round, one of the people said, bringing its total funding to more than $5 billion. The San Francisco company initially had briefed investors on a plan to raise between $1.5 billion and $2 billion, The Wall Street Journal reported in May. Read More: