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Lyft Could Hit $2B Value After Fundraising Round

National Technology
Lyft Could Hit $2B Value After Fundraising Round

The ride share app Lyft is on track to raise $250M in its latest financing round, which would value the sharing economy company at $2B according to New York Times and New York Post reports. Last month, Lyft annoucned that revenue and the number of rides booked through the platform were up 400% in 2014. It also turned a profit in several key markets including hometown San Francisco. The company hopes to lure customers away from its much larger competitor Uber, which has recently made several PR blunders and faced safety concerns regarding its drivers.

Lyft raised $250M last year in a financing round led by Chinese tech giant Alibaba. By contrast, Uber last month closes a $1.2 financing round that valued it at $40B.

Related Topics: Uber, Lyft, Sharing economy