Lyft has raised $500 million in a funding round and the company is now valued between $6.9 and $7.5 billion. It was reported last month that Lyft was trying to raise more money to make itself a stronger competitor against Uber.
Since 2008, the transportation company has raised over $2.5 billion. This is its 11th piece of funding. Back in January 2016, Lyft was valued at $4.5 billion.
None of the investors involved in this funding round were disclosed.
In the wake of Uber's recent difficulties, Lyft has tried to position itself as a good alternative.
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