Thursday, November 21

Tag: lyft valuation.

Lyft Raises Additional $500M On Top Of $1B
FUNDING

Lyft Raises Additional $500M On Top Of $1B

Uber's hard core rival Lyft is seeking an additional cherry on top funding of $500 million, over and above $1 billion it raised in a round led by Alphabet's venture arm CapitalG last month. This has raised the bar of its valuation to $11.5 billion in comparison to previous $7.5 billion. The funding is not yet been closed and this $500 million is an extension of its previous round. This funding will be utilized to develop its passenger and driver products, the company told the source- Axios. The funding  comes at a critical point where it is trying to expand outside U.S., with a launch scheduled in December in Toronto and Hamilton in Canada. Lyft has been focusing on its growth this year, aiming to cover 95% of the US population with more than a hundred new market additions. ...