Will investors ever stop throwing money at ride-hailing?
Lyft raised at least another $500 million, according to news reports on Thursday. The $500 million-plus bump puts Lyft’s value at $6.9 billion.
The fundraise follows up on Lyft’s last funding round a little over a year ago, which brought $1 billion to the company and valued it at $4.5 billion. So a $2 billion jump in value in 15 months isn’t bad.
Uber is still worth much more (about $70 billion), despite its never-ending problems. Lyft has been quietly taking advantage of Uber’s fall from grace with do-gooder initiatives like ways to donate the spare change from your ride to charity and its own donation to the ACLU. And there was that time Lyft’s president claimed the company was the “woke” ride-hailing option. Read more…