Published On: Fri, Feb 13th, 2015

Lyft Gets a Boost With New Fundraising Round

Lyft also did itself a favor, from a marketing point of view, by getting rid of the huge mustaches on the front of its cars.

Lyft

Uber may be the leader in ride sharing app popularity, but Lyft is gaining on its competitor with a new round of fundraising. The company that, along with Uber, is giving cabbies a run for their money, raised $250 million, according to TechCrunch from investors such as Dan Loeb’s Third Point and Alibaba, and counts Andreessen Horowitz among its long-standing investors. This amount is in addition to the $250 million raised last year, and since its founding in 2007, the company has raised a total of $330 million, according to TechCrunch.

Lyft has moved into what is called in the industry the “unicorn club” or startups that have a valuation of over $1 billion. Lyft is now worth $2 billion, but is only half the size of its larger peer, Uber, although it probably lacks Uber’s legal woes as it falls afoul of local regulations on taxicabs. Lyft also did itself a favor, from a marketing point of view, by getting rid of the huge mustaches on the front of its cars.

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