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General Motors Invests $500M in Lyft


Uber rival Lyft has another large investor after closing its latest round of funding, raising $500M from General Motors. The new partnership creates a network that allows Lyft drivers who don't own cars to pick up rental cars they can then use to make money through the app.

In addition, Lyft drivers will have access to GM's OnStar services and the two companies are working on a network of self-driving cars. Google, Ford, Tesla and Uber are also supposedly looking into autonomous vehicles.

Lyft sought up to $1B in funding in this latest round, putting its new value at $5.5B. (The Uber competitor has raised $2.1B since launching in 2012.)

It still has a ways to go before catching Uber, however. The other industry disruptor is worth up to $70B. Other Lyft investors include Saudi Arabian billionaire Prince Al-Waleed bin Talal, who invested over $100M, and activist investor Carl Icahn, who also invested $100M. [CNN]