Lyft, a San Francisco, California-based ride hailing company, raised $600M in funding.
Backers included existing partners Rakuten and Janus Capital and new investors AllianceBernstein, Baillie Gifford, KKR, and Canada’s Public Sector Pension Investment Board (PSP).
The post-money valuation of the company is $7.5 billion.
The company will use the funds to continue investing in new technology and hospitality in order to create experiences for passengers and drivers.
Launched in June 2012 by Logan Green and John Zimmer, Lyft provides an iPhone or Android app that allows passengers who need a ride to get picked up by a Lyft driver. When the ride ends, the app automatically charges the credit card with no need to carry cash.
The company currently operates in over 300 U.S. cities.