Lyft is a ride-hailing company offering on-demand passenger transportation via its platform. Over the past 18 months it has aggressively expanded into new U.S. cities and into Canada and is pursuing autonomous vehicle ambitions. The company has grown U.S. market share to 35 percent (up from 22 percent in January 2017). Scaling that growth has been costly, and Lyft has been seeking investor capital over the past year. Since April 2017 Lyft has raised $2.9 billion in primary capital (including the $600M announced) and $5.1 billion in total since inception. Its value has more than doubled in the past 14 months, and the latest funding pushed its post-money valuation to $15.1 billion. Lyft is partnering with Magna to co-develop an autonomous driving platform, with Lyft leading development from its Level 5 engineering center in Palo Alto and Magna taking point on manufacturing. Magna is investing $200 million in exchange for an equity stake in Lyft. The collaboration will produce joint intellectual property and teams from both companies will work on site at Lyft’s facilities. Initially the partners aim to deploy SAE Level 4 technology and ultimately pursue a Level 5 system, and Magna said the solution could be market-ready over the next few years if plans proceed. Lyft plans to integrate direct access to its hailing platform into future autonomous vehicles and will leverage data from testing and use of the AV platform. Lyft is already testing vehicles at the GoMentum autonomous-vehicle proving ground in California. Lyft is a ride-hailing company offering on-demand passenger transportation across the United States. The company has run over 500 million rides to date and expanded coverage in the U.S. to 95% of the population, up from 54% at the start of 2017. Lyft has a self-driving partnership with Waymo and announced the alliance around its open platform for autonomous vehicle technology. The company disclosed a new $1 billion funding round that values it at $11 billion post-money. Earlier in the year Lyft raised $600 million at a $7.5 billion valuation with participation from new partners including Canada’s public employee pension fund. Lyft continues to scale its coverage and pursue autonomous-vehicle integrations as part of its growth strategy. Lyft operates a ride-hailing platform that connects riders with drivers. The company has been aggressively expanding in the U.S., adding over 100 new markets so far in 2017. Lyft has seen strong demand growth: rides jumped 34% sequentially to 70.4 million and were up 142% year-over-year, and new user registration rose over 60% week-over-week after the #DeleteUber campaign. Financially, Lyft announced $600 million in new funding at a $7.5 billion post-money valuation, bringing total funding to $2.61 billion. The capital comes as Lyft seeks to capitalize on rival Uber’s recent cultural and legal challenges. Lyft operates an on-demand ride-sharing platform that competes directly with Uber. The company has entered a long-term strategic alliance with General Motors, which invested $500 million and will collaborate to create an integrated network of on-demand vehicles. As part of the partnership, GM will become a preferred provider of short-term use vehicles to Lyft drivers through rental hubs in various U.S. cities and will make its portfolio of cars and OnStar services available to drivers and customers. Lyft’s leadership framed the collaboration as a step toward redefining traditional car ownership and advancing connected, seamless and autonomous mobility. The investment values Lyft at approximately $5.5 billion, up from a $2.5 billion valuation reported last March. The article also notes a limited crowdfunding entry in May 2015 when Waverley offered 25,587 shares via a fund.

Total raised

$4.2B

Funding rounds

8

Latest round

Series I

Latest activity

Jun 2018