Lyft Seeks to Raise Another $500 million in Funding

Ride-hail Company Lyft is raising an additional $500 million in funding according to a share authorization document filed yesterday in Delaware.

The move comes one month after CapitalG an investment arm of Google parent Alphabet injected $1 billion in ride hailing company.

According to a spokesperson the $500 million is not yet closed, but adds: “Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.”

The new investment would be an extension of the CapitalG-led round, at the same share price of $39.75. That means the $10 billion pre-money valuation remains static, but the post-money could now value Lyft at $11.5 billion.

In other developments, Lyft also became the latest company to get a permit to test self-driving cars on California’s public roads, according to the California Department of Motor Vehicles.

It is worth knowing Lyft earlier this year unveiled plans to build its own autonomous driving tech, as well as make its ride-hailing network available to other companies for testing. Getting the California permit suggests it’s ready to begin putting self-driving cars on the road.

The firm struck a research collaboration earlier this year with Alphabet unit Waymo. It has also secured deals with Ford Motor Co and startup Nutonomy to incorporate self-driving cars in its fleet.

Lyft’s chief rival Uber secured the California permit to test self-driving cars in March. Apple Inc, Samsung Electronics, Tesla Inc and a host of automakers also have the permit.