Transport Cars

Lyft In Process of Raising New Funding Round

Excerpt from TechCrunch

Skift Take

As Lyft competes with Uber, it’s all about fundraising, expansion and getting regulators off their backs.

— Dennis Schaal

Lyft is raising yet another big round of funding, according to sources. The company, which is seeking to make ride-sharing mainstream in cities across the U.S. and around the world, is expected to use the new cash to fund expansion into new cities and territories.

We’ve heard Lyft has pitched a number of venture firms and late-stage institutional investors, but hedge fund Coatue Management seems to be in the lead for the deal. Coatue has recently invested in hot companies like Box, Snapchat, and HotelTonight, and is part of a growing trend of hedge funds making bets on later-stage startups with traction.

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