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Lyft raises $600M as it pushes to catch up to Uber

Lyft, the number two ride-hailing app, has been working hard this year to close in on Uber‘s significant lead. Now it’s raised $600 million in new funding to keep pace. That brings its valuation to $7.5 billion. By contrast, Uber’s estimated valuation is $68 billion. Since the beginning of the year, Lyft has launched in an additional … Continue reading “Lyft raises $600M as it pushes to catch up to Uber”

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Lyft, the number two ride-hailing app, has been working hard this year to close in on Uber‘s significant lead. Now it’s raised $600 million in new funding to keep pace. That brings its valuation to $7.5 billion. By contrast, Uber’s estimated valuation is $68 billion.

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Since the beginning of the year, Lyft has launched in an additional 300 cities nationwide. A January report from Bloomberg also noted the company earned $700 million in 2016 with hopes of reaching profitability in 2018.  

As Uber hits speed bumps, Lyft is finding new ways to differentiate itself. In response to President Trump’s travel ban, Lyft committed to donating $1 million to the ACLU over the next four years as Uber suffered accusations of breaking a taxi strike outside JFK Airport. Lyft also launched a program to allow customers to round up to the nearest dollar on their fare and donate the difference to charity.

About the author

Ruth Reader is a writer for Fast Company. She covers the intersection of health and technology.

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