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Uber Rival Lyft Raises $530M, Will Beef Up IT

Posted by samzenpus on from the more-money dept.

jfruh writes "Uber may seem like an unstoppable juggernaut, but its main carhailing service rival Lyft isn't giving up. The company just raised half a billion dollars in funding, much of it from Japanese investors. From the article: "Lyft has raised US$530 million in its latest funding round, and plans to use the money to beef up its IT staff, expand its footprint and boost existing services. Japanese e-commerce company Rakuten led the round. With the latest cash infusion, Lyft has raised a total of $862 million from investors. The ride-hailing company is now reportedly valued at $2.5 billion."

3 of 54 comments (clear)

  1. The next big bubble? by pbjones · · Score: 3, Insightful

    I can't see that these companies can be so valuable.

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    1. Re:The next big bubble? by Paradise+Pete · · Score: 3, Insightful

      The numbers quoted are what some analyst thinks that someone might theoretically pay.

      There's nothing theoretical about it. They raised a bit over $500M in return for a bit over 20% of the company. 500M / 0.2 = $2.5B.
      Like all companies, they are worth what someone is willing to pay.

    2. Re: The next big bubble? by Anonymous Coward · · Score: 3, Insightful

      Paying for a ride != sharing.