Uber rival Lyft is raising an additional $500 million in funding, according to a U.S. share authorization document filed in Delaware news website Axios said.
The additional funding round, led by Alphabet Inc’s CapitalG, is an extension of the $1 billion round announced in October.
Lyft spokesman Adrian Durbin, confirming the funding round, in an e-mailed statement said, “Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.”
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In October Lyft had said that the previous round of funding boosted its valuation to $11 billion from $7.5 billion. The fresh funding would raise its valuation to $11.5 billion.