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Lyft valued at $7.5 billion in new funding round: source

Posted by: Admin | Posted on: April 6th, 2017 | 0 Comments


SAN FRANCISCO Ride services company Lyft Inc has nearly completed a funding round of at least $500 million, valuing the company at $7.5 billion, according to a source close to the company.

San Francisco-based Lyft has been in fundraising mode for some time as it spends heavily to compete with its much bigger rival Uber Technologies Inc [UBER.UL]. The $7.5 billion valuation marks a sharp increase from the $5.5 billion valuation at Lyft’s last financing more than a year ago.

Lyft had previously expected to command a valuation of between $6 billion and $7 billion in its newest funding round, but the source said the valuation had been revised upward.

(Reporting by Heather Somerville)

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/8XQaNQINDr8/us-lyft-funding-idUSKBN1782GW

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