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

A snapshot of the Kiwi partners set to shine at the Reseller News Awards

A snapshot of the Kiwi partners set to shine at the Reseller News Awards

With the 2017 Reseller News ICT Industry Awards only weeks away, Reseller News profiles the power line-up of partners set to dominate the biggest night on the channel calendar. ​Ranging from the enterprise, down through the mid-market and small business sectors into the heart of the start-up scene, the end result is the most diverse and wide-ranging partner line-up in the history of the Awards, playing host to the leading innovators of the past 12 months.​

A snapshot of the Kiwi partners set to shine at the Reseller News Awards
Channel celebrates as HP marks 50 years in NZ

Channel celebrates as HP marks 50 years in NZ

HP marked 50 years in New Zealand at an event in the vendor's Auckland's headquarters last night, with a host of key channel figures coming along to celebrate. Photos by HP.

Channel celebrates as HP marks 50 years in NZ
Show Comments