Lyft has reportedly raised a new round of funding to support its on-demand ride hailing service. It’s believed that investors have put $500 million more into the company’s coffers, probably invigorated by its recent market growth and Uber’s stumbles.
A Lyft spokesperson declined to comment. And while the Financial Times and Wall Street Journal were the first publications to report this fundraise, the valuations were different, with the former saying $6.9 billion while the latter said $7.5 billion.
It’s unknown who the new investors are in this round. If confirmed, it would be the eighth round of investments Lyft has received, bringing its total amount raised to approximately $2.5 billion. However, this is far less than what its main U.S. competitor has raised.
It’s unclear what Lyft will do with the investment, but it’s likely to put it toward accelerating growth, including adding more markets. Interestingly, while Uber has branched out into adjacent services such as food delivery and courier services, Lyft hasn’t gone down that road (no pun intended). Instead, the company many have billed as the anti-Uber has been moving forward with enhancing the overall experience for both drivers and riders.
Updated as of 12:35 p.m. Pacific: Updated to correct that latest investors have not been revealed.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more