Saudi Arabia’s Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, said on Thursday it had led a group of investors that bought 5.3 percent of U.S. ride-hailing firm Lyft for $247.7 million.
Logan Green and John Zimmer’s Lyft, are biggest competitor in the United States of Travis Kalanick’s Uber Technologies. But they are not yet there. San Francisco based Lyft is looking to raise up to $1 billion in a Series F funding round, as published earlier this week.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
The billionaire prince’s investment firm KHC is a major investor in Silicon Valley tech and other assets, owning 5 percent of Twitter.
Lyft which was launched in 2012 works as a peer-to-peer ride-hailing app. Currently operating in 65 US cities including San Francisco, New York and Los Angeles, the cash injection by Prince Alwaleed is set to help Lyft expand both domestically and internationally.
Despite the efforts of several governments around the world to break up or outright ban ride-hailing apps like Uber and Lyft, their popularity continues to grow and with drivers now undergoing strict screening and background checks, their legitimacy enhances day by day.
Kingdom Holding Company has a market cap of more than $18 billion and has stakes in hotels, media, tech and real estate globally.
READ MORE: LYFT
In what officials hope will be an early Christmas present to harried holiday travelers, Lyft on Wednesday will become the first ride-hailing service to pick up passengers at Los Angeles International Airport. Earlier More…
The ride-hailing Lyft, number two service in the U.S. and Uber’s biggest rival in the U.S., is seeking to raise up to $1 billion in new funding, according to documents filed in Delaware on Friday first More…
In honor of Veterans Day, Ride hailing companies Uber and Lyft are teaming up with the white house and Joining Forces to help make life a little easier for veterans experiencing homelessness. The Department More…
Lyft, an app for welcoming, affordable and memorable rides, celebrated its arrival in Las Vegas with a launch party at LAVO Casino Club at The Palazzo Las Vegas, hosted by VEGAS.com last night. Scroll down More…
Uber may have met its match in its Chinese rival, Didi Kuaidi. In Didi’s latest move, the Asian ride-hailing service invested an undisclosed sum in Uber’s American rival, Lyft , co-found by logan green More…
Starbucks and Lyft, announced a new, multi-year partnership, that will increase value for current customers, attract new customers, reward Lyft drivers and explore a transportation benefit for partners More…
A flaw in Uber’s website let a hacker take over a page and do whatever he wanted to it. Thankfully, security researcher Austin Epperson didn’t try to steal personal details or spread malware, More…
Carl Icahn is betting $100 million that ride-sharing startup Lyft Inc. can keep growing in a world increasingly dominated by its larger rival, Uber Technologies Inc. The activist billionaire on Friday said he More…
Kevin Roose of Fusion described receiving an email from a Private Investigation company Derish Associates, asking for information on Lyft founders, John Zimmer and Logan Green. Could Uber, known for its More…
