Ride hailing company Lyft is trying to raise close to $500 million in additional funding, according to a shared authorization document filed in Delaware. The additional funding is led by Alphabet Inc’s Capital G. The new funding would be an extension of the funds raised by Lyft in the month of October in a round also led by Capital G, in which the company boosted its valuation to $11 billion from $7.5 billion. With the extended funding, the company valuation would rise to $11.5 billion.
Lyft spokesman, Adrian Durbin, confirmed the funding round in a statement via email. He wrote, “Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.”
Below is the link to the Delaware document which was provided to Axios:
Lyft is Uber’s biggest rival in the United States. While the company is primarily based in the U.S., it recently announced expansion plans into Toronto, Canada. The company is currently gaining considerable momentum in terms of both its ride hailing business and self-driving partnerships.