Uber becomes most-valuable startup

Uber, the startup known for its on-demand car service, has raised $1.2 billion in additional capital, at a $17 billion valuation, the company said in a blog post.

This catapults the company to the most-valuable startup, with Airbnb and Dropbox trailing at $10 billion, according to Fox Business.

Uber works by connecting riders and drivers through its smartphone app. The location-based service finds a luxury car available for pickup within minutes.

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