Lyft has raised $600 million in new capital, the company announced this week. The fresh funding now values the ride-hailing service at $7.5 billion.
Investors in the round include existing ones (Rakuten, Janus) as well as new ones (AllianceBernstein, Canada’s Public Sector Pension Investment Board).
“We are continuing to focus on the people behind our business, making sure to take care of our drivers, passengers and team members,” the company said in a statement. “We have big plans on the horizon, and will continue investing in new technology and hospitality in order to create experiences that passengers and drivers will love.”
Lyft’s main competitor, Uber, is valued in excess of $60 billion, but is fraught with controversy.