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 newsletter!

Error: Please check your email address.

Tags mobile applicationsLyftmobile

Featured

Slideshows

Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP honoured leading partners across the channel at the Partner Awards 2017 in New Zealand, recognising excellence across the entire print and personal systems portfolio.

Meet the top performing HP partners in NZ
Tech industry comes together as Lexel celebrates turning 30

Tech industry comes together as Lexel celebrates turning 30

Leading figures within the technology industry across New Zealand came together to celebrate 30 years of success for Lexel Systems, at a milestone birthday occasion at St Matthews in the City.​

Tech industry comes together as Lexel celebrates turning 30
HP re-imagines education through Auckland event launch

HP re-imagines education through Auckland event launch

HP New Zealand held an inaugural Evolve Education event at Aotea Centre in Auckland, welcoming over 70 principals, teachers and education experts to explore ways of shaping and enhancing learning using technology.

HP re-imagines education through Auckland event launch
Show Comments