Lyft signs off on $600 million cap-raise

Car-sharing service Lyft has secured a $600 million investment round, bringing its total so far – $2.61 billion – to just over a fifth of that heading to arch-rival Uber.

The Series G round is the second biggest in the company’s nine-year history following the $1 billion Series F invection in December 2015, half of which came from vehicle manufacturer General Motors.

New backers in the current round include AllianceBernstein, Baillie Gifford, KKR and the Public Sector Pension Investment Board in Canada.

Previous investors Rakuten and Janus Capital have returned to participate once more.

Lyft claims the latest investment values the company in the region of $7.5 billion.

In a statement, it says:

“We have big plans on the horizon, and will continue investing in new technology and hospitality in order to create experiences that passengers and drivers will love.”

Competitor Uber has so far raised a massive $11.5 billion – the biggest single round coming ($3.6 billion) from the Saudi Arabian government in June 2016.

Lyft has taken a more modest approach to expansion than its rival Uber, preferring to form alliances with other ride-share brands around the world, rather than systematically launching in multiple cities.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *