Lyft Raises $500 Million In Funding

Lyft Raises $500 Million In Funding

$500 million. That’s the amount Lyft picked up in its recent round of funding. This bumps the company into the area of $6.9 billion and $7.5 billion, almost doubling its value from last year. It also shows there’s still a good amount of interest in Lyft.

A Turn Around For Lyft

After some news last year around Lyft possibly selling itself to a number of interested parties, it looks as though it has the footing to expand at a rapid rate. It also helps that of Uber and Lyft, it has been Lyft that generated the least amount of heat and negative press between late 2016 and now.

On the opposite side of the coin, the ride-sharing titan Uber has had trouble ranging from co-founder Travis Kalanick being on the polarizing President Trump’s economic council to the status of the company’s drivers as employees to not getting permission to test self-driving cars in California to Kalanick shouting at an Uber driver—and everything in between.

Meanwhile, Lyft seems to have kept its head down and going as far as to present itself as the more socially aware company of the two ride-sharing giants. The later approach did well for the San Francisco-based company during the Muslim travel ban earlier in the year when Lyft donated to $1 million to the ACLU. The approach also helped Lyft be the less problematic of the two even with its ties to Carl Icahn, also a part of Trump’s economic team and backed him during the 2016 U.S elections.

RELATED: Lyft’s Glowstache Replaced By Amp As Company Starts New Ad Campaign

Starting with Kabir News in 2013, James has focused on tech, gaming, and entertainment. When not writing, he enjoys catching up on sci-fi and horror shows and comics. He can be followed on Twitter @MetalSwift.

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