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The new round of capital puts Lyft in a position to better compete with Uber, which is quickly expanding, but both companies are up against local regulations that limit the legality of their services in many cities.
Lyft today announced its fourth institutional funding round. Vroom, vroom.
Featuring new investors Coatue, Alibaba, and Third Point, Lyft says it will use its fresh capital to expand in the U.S. and internationally. The service already serves 30 cities since launching less than two years ago.
News of the company’s series D round broke nearly a month ago, but at the time we only knew about $150 million of the $250 million total, due to an early filing. It’s OK; the surprise was only somewhat spoiled.
Lyft said that previous investors Andreessen Horowitz, Founders Fund, and Mayfield also participated in this round. In total, Lyft has raised $333 million to date. Most recently the company raised $60 million in May 2013.
Like competitors Uber, and Sidecar, Lyft has faced an uphill battle in many cities, particularly in Seattle. Lyft has also faced unique struggles, including a nightmare incident in which a Lyft driver hit a pedestrian in San Francisco.