Lyft has closed a $600 million round of funding at a $7.5 billion valuation, according to a company blog post.
Lyft just closed a $600 million round of new funding
The new money comes as Lyft has an opportunity to capitalize on Uber’s unending drama.
This is the same round of funding that Recode reported last week. Before that, the company had raised a little more than $2 billion in venture capital in total.
The new funding comes at a time when Lyft is racing to add self-driving cars to its fleet, while the ride-hail company has also seen an inadvertent benefit from rival Uber’s recent struggles, which include a lawsuit from Alphabet that accuses Uber of stealing trade secrets.
After the first #deleteUber campaign went viral, Lyft saw a 60 percent increase in new passengers week over week. In the first three months of 2017, the company gave 70.4 million rides — up 34 percent from the end of 2016 and up 142 percent from that same period in the previous year, according to sources close to the company.
It’s not yet clear whether Lyft has managed to maintain that new business as Uber’s public scandals have quieted down.
This article originally appeared on Recode.net.
