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Lyft’s Funding Round Grows 50%
Lyft Inc. says its latest round of fundraising expanded 50% to $1.5 billion and boosted the ride-hailing service’s valuation to $11.5 billion.
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Lyft Inc. says its latest round of fundraising expanded 50% to $1.5 billion and boosted the ride-hailing service’s valuation to $11.5 billion.
The round was led by Alphabet Inc.’s CapitalG investment arm. Lyft says other major participants were AllianceBernstein, Baillie Gifford, Fidelity Investments, Janus Henderson, KKR, the Ontario Teachers’ Pension Plan and Rakuten.
Bloomberg News notes that Lyft has been gaining market share lately at the expense of its larger but troubled rival, Uber Technologies Inc. Uber has been struggling all year with multiple scandals, legal skirmishes, regulatory battles and the ouster in June of cofounder and CEO Travis Kalanick.
Lyft has been spending more heavily in recent months to capitalize on its rival’s travails, Bloomberg notes. A private investor document obtained by the financial news service predicts Lyft will stop losing money for the first time in 2018.
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