Uber CEO Says He's Raising A 'Record Breaking' Round Of Financing

Uber CEO Travis Kalanick confirmed his car service startup is raising a boatload of cash. Kalanik, a known hype-machine, told Re/code's Kara Swisher the round could be "record-breaking."

Previous reports peg Uber's new valuation between $10-17 billion. The company is said to be raising more than $500 million. Part of the reason Uber is raising so much is because it still needs to make a lot of key hires. Kalanick told the audience that he'd be hiring political consultants to help Uber expand to more cities. The mobile hailing app is currently available in more than 150 places.

Uber also wants a war chest to protect itself against a slew of competitors that have gained steam. Kalanick specifically called out Lyft, a car company that works like Uber. and said his company is "20 times bigger."

"But you still need a relative cash advantage," Kalanick told Swisher.