Boston-based Fidelity Investments is expected to co-lead a major new investment for Uber that could give the ride-hailing app a $17 billion valuation, according to the Wall Street Journal.
Bloomberg had earlier reported Fidelity’s interest in backing a new funding round for Uber.
Fidelity has previously invested in Dropbox and in Facebook while it was still a privately held company.
The round for San Francisco-based Uber — whose service is available in Boston — is expected to reach more than $500 million, the Wall Street Journal reported. The funding is expected to be co-led by Wellington Management.