Lyft, a San Francisco-based ride-sharing service provider, raised $530m in Series E funding.
The round was led by Rakuten, Inc. (TOKYO:4755) which invested $300M to purchase a 11.9% stake in Lyft.
The company intends to use the funds to continue growing its service and invest in both domestic and overseas expansion.
Led by John Zimmer, co-founder and President, Lyft provides an iPhone or Android app to connect users to a Lyft driver. When the ride ends, the app automatically charges saved credit card with no need to carry cash.
Beyond its Lyft ride, whether solo or with up to three friends, the company offers Lyft Plus, a six-passenger ride and Lyft Line, to share the ride with others going the same way for a lower price in New York, Los Angeles, and San Francisco.
The service is present in approx. 30 U.S. states
The company is hiring.