Published on November 23rd, 2017 | by James Ayre0
Lyft Raises Yet Another $500 Million In Funding…
November 23rd, 2017 by James Ayre
While on-demand taxi service competitor Uber’s role in the news cycle remains as a magnet for scandals, Lyft has just completed yet another $500 million funding round, going on a US share authorization document recently filed in Delaware.
The new funding round, interestingly, was led yet again (as many earlier Lyft funding rounds were) by Alphabet Inc’s CapitalG. As you may recall, Alphabet (effectively, Google and cohorts) just participated in a $1 billion funding round with Lyft that was announced in October — the new funding is seemingly an extension of that previous round.
In an emailed statement to Reuters, Lyft spokesperson Adrian Durbin confirmed the funding round, stating: “Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.”
The earlier funding round in October, according to Lyft execs, raised the company’s valuation to some $11 billion — up from $7.5 billion or so — so the company’s valuation now would seem to rest somewhere around $11.5 billion.
Accompanying the growth in valuation, recent times have seen Lyft forge a number of new partnerships with various auto manufacturer and self-driving vehicle tech developers — with the aim reportedly being to be first to market with a self-driving vehicle taxi service. For more on that, see:
In fact, news we published moments ago was on precisely that topic of self-driving vehicle tech development: Lyft Approved To Test Self-Driving Technology On California State Roads.