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

Subscribe here for up-to-date channel news

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags mobile applicationsLyftmobile

Featured

Slideshows

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards

Revealed at a glitzy bash in Sydney at the Ivy Penthouse, the first StorageCraft Partner Awards locally saw the vendor honour its top-performing partners with ASI Solutions, SMBiT Pro, Webroot, ACA Pacific and Soft Solutions New Zealand taking home the top awards. Photos by Maria Stefina.

StorageCraft celebrates high achievers at its inaugural A/NZ Partner Awards
Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip

Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip

​Synnex and Lenovo hosted 18 resellers for an action-packed weekend adventure in RotoVegas, taking in white water rafting on the Kaituna River, as well as quad biking and dinner at Stratosfare​, overlooking Lake Rotorua at the top of Mount Ngongotaha​. Photos by Synnex.

Kiwi resellers make a splash on Synnex and Lenovo RotoVegas road trip
Show Comments