Lyft Announces $530m Funding Round

By Tim Maytom

lyft combo

Ride hailing service Lyft has raised an additional $530m (£353m) in a funding round led by Japanese eCommerce firm Rakuten, which invested $300m for an 11.9 per cent stake in the company.

Lyft, which uses an app to match riders with paid drivers, will use the funds to expand its presence in the 65 markets within the US it currently operates in, and invest in its cab-sharing service Lyft Line.

The company also plans on developing new technologies based around its core service, such as Driver Destination, its ride-sharing service that enables users to give other people lifts while on their way to work.

“With an additional $530m in funding, led by Rakuten, we will accelerate more quickly toward a world where every seat is filled and every driver and passenger is empowered to join together in improving our economy, environment and local communities,” wrote the Lyft team in a blog post announcing the funding.

“We will continue hiring the best talent to develop technology that reduces traffic, takes cars off the road, builds community and improves the economy. Our roadmap is exciting, and we look forward to sharing more of it with you in the coming months.”

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Source:: Mobile App News