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