Last Tuesday, Lyft announced on their official blog that they have raised more than $600 million from new funding. It has achieved an impressive post money valuation of $7.5 billion. There have been recent reports which have indicated that the raise was about to happen soon.
However, the most recent prediction was at a figure of $500 million only. The companies’ latest investments include new funding from their trusted partners. Some of the most notable ones include Alliance Bernstein, Baillie Gifford, Janus Capital, KKR, Rakuten and Canada’s Public Sector Pension Investment Board. The total amount of funding has helped Lyft achieve a total of $2.61 billion.
This is a very impressive amount unless you compare it to their biggest competitor in the industry, Uber. The company’s funding couldn’t have come at a better timing. It now has a bigger advantage over its competitors considering Uber’s recent problems involving sexual harassment and cultural issues.