Lyft is seeking to lift a further $500 million, over and on top of the $1 billion it raised during a spherical crystal rectifier by Alphabet venture arm CaptialG last month. The $500 million is AN extension of that spherical, the corporate told Axios, and isn't however closed. however it ought to increase Lyft’s overall valuation once closed, transportation its post-many total to $11.5 billion.
The spherical extension would permit Lyft to place extra money into its traveler and driver merchandise, the corporate told Axios. it might additionally return at a vital time for Lyft, since it’s set to expand into its initial market outside the U.S. in Dec with a launch in Toronto and Hamilton in Canada.
Lyft has very pushed the accelerator on its growth this year, moving to hide ninety five p.c of the U.S. population with over one hundred new market additions throughout 2017. It’s additionally touting a milestone of over five hundred million rides and numeration, and increasing its autonomous technology testing program, with a recent allow noninheritable from the Golden State DMV for testing on state roads.
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