$600 million in funding should lead to a grown-up agency relationship
Steve’s breakdown: Lyft has had a fickle past with ad agencies but maybe this latest round of cash might help them focus on a steady marketing partner relationship. Worth looking into. Melissa Waters at email@example.com is the marketing chief.
SAN FRANCISCO, CA: Lyft has completed a $600 million funding round, the company said Wednesday.
The new $15.1 billion valuation would make Lyft worth a quarter of rival Uber.
The ride-hailing rivals have been adding offers and services practically in tandem and raising money as they each race toward IPOs.
That would make Lyft worth a quarter of rival Uber, which in May announced first-quarter results and a tender offer that nudges its valuation past $60 billion. The ride-hailing rivals have been adding offers and services practically in tandem and raising money as they each race toward initial public offerings.
Uber CEO Dara Khosrowshahi told CNBC in a recent interview that Uber is on track to go public next year. Lyft’s timeline for an IPO is less certain, but people familiar with the plans told The New York Times in October that a public listing could come sometime this year.
Lyft’s new funding round comes just six months after a $1.5 billion round and is being led by Fidelity Investments, The Wall Street Journal first reported. The company was most recently valued at $11.7 billion in May, according to Pitchbook.