Lyft raises additional $500 mn in funding

Fresh funding expected to raise the Uber rival's valuation to $11.5 billion

Uber rival Lyft is raising an additional $500 million in funding, according to a US share authorisation document filed in Delaware news website Axios said.

The additional funding round, led by Alphabet’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.”

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.