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Lyft reportedly raising hundreds of millions


lyftIt appears Lyft is about to raise some money, although there are conflicting reports about how much. According to a report in the New York Post, Lyft is in the process of raising a $500 million round of funding that would value the company at $2 billion dollars. According to the New York Times, however, that round is closer to $250 million. Either way, that is a far cry from its major rival, Uber, which has raised just under $5 billion and is valued at at least $40 billion. But with Lyft’s revenue growing reportedly growing at 40 percent quarter over quarter, there is clearly room in the market for more than one player.

The funding comes nearly a year since Lyft’s last financing — a $250 million round from Coatue Management, Alibaba and Daniel Loeb’s Third Point, along with existing investors Andreessen Horowitz, Founders Fund and Mayfield Ventures. To date, the company has raised more than $330 million since being founded as Zimride back in 2007.

Its new valuation would propel Lyft into the so-called “unicorn club” — i.e. into the realm of companies valued at more than a billion dollars.

 With the new funding, Lyft seeks to gain new passengers in markets across the U.S. After updating its brand and shedding the giant furry mustaches that used to be attached to the grills of drivers’ cars, Lyft has been expanding its marketing budget and brought on former Trulia exec Kira Wampler as CMO.
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