Transport Cars

Ride-Sharing App Lyft Closes In on $150 Million in New Funding

@denschaal

Mar 10, 2014 7:00 am

Skift Take

Lyft’s competition with Uber is definitely great for the category, and soon they both will have a few hundred million dollars at their disposal for market expansion.

— Dennis Schaal

Free Report: The Changing Business of Extended-Stay Hotels

Lyft

New funding means Lyft will be expanding to lots of new markets. Pictured, a Lyft vehicle in Santa Barbara, California. Lyft


Ride-sharing app Lyft has been the poor man’s Uber in terms of its funding competition with the category leader, but Lyft appears to be making the one-sided competition more respectable.

Lyft has raised an additional $80 million in funding, and another $70 million is in the works, re/code reports, citing a Lyft filing with the State of Delaware. The report says that Coatue Management, which is not an existing Lyft investor, is in talks with the company about funding.

In August, Uber raised some $258 million in funding, increasing its total funding kitty to around  $307 million, according to Crunchbase.

If Lyft makes good on the new $150 million in funding, its total would rise to some $233 million — still lower than Uber’s take, but very respectable for expansion purposes.

Lyft’s ride-sharing services are currently available in about two dozen U.S. cities.

Here’s Lyft’s filing in Delaware, courtesy of re/code:

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