Monday, January 4, 2016

Lyft Raises $1 Billion

Ride service Lyft, which provides its on-demand, ride service in Seattle, Portland, and elsewhere around the region, has raised $1 billion in a new funding round, from General Motors, Kingom Holding Company, Janus Capital Management, Rakuten, Didi Kuaidi and Alibaba, the company said today. GM is putting $500M into the company, and Kingdom Holding is investing $100M. Lyft says the new round valued its at $5.5 billion, post money. The deal includes an effort by Lyft and GM to develop a network of autonomous vehicles to provide ride services via Lyft.