Menu
Lyft raises $530 million in latest funding round

Lyft raises $530 million in latest funding round

The ride-hailing company will use the money to grow in the U.S. and launch its service abroad

Lyft has raised US$530 million in its latest funding round, and plans to use the money to beef up its IT staff, expand its footprint and boost existing services.

Japanese e-commerce company Rakuten led the round. With the latest cash infusion, Lyft has raised a total of $862 million from investors. The ride-hailing company is now reportedly valued at $2.5 billion.

Lyft, based in San Francisco, said Wednesday it will use the funding to increase its presence in the 65 U.S. cities where it operates and to expand to other markets.

Some of the cash will also be used to extend to other cities the Lyft Line service, which lets people traveling in the same direction share a ride. Lyft also plans to hire more technology workers.

Rakuten, which poured $300 million into this series E round, acquiring an almost 12 percent stake in the company, said the money will allow Lyft to invest "in both domestic and overseas expansion."

Lyft's rival Uber is valued at $40 billion and operates globally.

Fred O'Connor writes about IT careers and health IT for The IDG News Service. Follow Fred on Twitter at @fredjoconnor. Fred's e-mail address is fred_o'connor@idg.com

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags mobile applicationsLyftmobile

Slideshows

Meet the leading HP partners in New Zealand...

Meet the leading HP partners in New Zealand...

HP has recognised its top performing partners in New Zealand at the second annual 2016 HP Partner Awards, held at a glittering bash in Auckland. The HP Partner Awards recognises and celebrates excellence, growth, consistency and engagement of its top partners. This year also saw the addition of several new categories, resulting in 11 companies winning across 11 award categories.

Meet the leading HP partners in New Zealand...
Channel comes together as Ingram Micro Showcase hits Auckland

Channel comes together as Ingram Micro Showcase hits Auckland

Ingram Micro outlined its core focuses for 2017 at Showcase in Auckland, bringing together the channel for a day of engaging keynotes, compelling breakout sessions and new technologies.

Channel comes together as Ingram Micro Showcase hits Auckland
Show Comments