Lyft raises $500 million in additional funding round

The new funding round, led by Alphabet’s CapitalG, saw its valuation boost by $500 million to $11.5 billion.

As per U.S. share authorization documents filed in Delware, Lyft Inc is raising an additional $500 million in funding led by Alphabet Inc’s CapitalG.

The new funding round is an extension of the $1 billion round that it announced in October.

Confirming the additional funding round, Adrian Durbin, Lyft’s spokesman wrote in an e-mailed statement, “Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.”

While the October funding round saw Lyft’s valuation surge to $11 billion from $7.5 billion, the fresh funding will further raise it to $11.5 billion.

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