Seven years ago Uber didn’t exist. Five years ago it was limited to San Francisco. Today it offers rides in more than 65 countries and at this writing is valued at more than $50 billion. Along the way the company has amassed an impressive war chest to fund its expansion and ward off competitors: It has raised more than $8 billion from private investors.
A version of this article appeared in the January–February 2016 issue (pp.28–30) of Harvard Business Review.