Lyft, the privately held, San Francisco–based startup that connects passagers who need rides with drivers using their own personal vehicles has raised $530 $530 million in its’ latest funding round. This brings to $850 million the amount of money the startup has raised to date.
Founded in 2012 by Logan Green and John Zimmer, the company has steadily grown and is now valued at $2.5 billion.
This latest round of funding was led by Japanese e-commerce giant Rakuten. Rakuten contributed $300 million of the Series E round and acquiring an 11.9 percent stake in the company. It’s not clear who else is participating, but previous investors in Lyft include Coatue Management, Alibaba, Daniel Loeb’s Third Point, Andreessen Horowitz, Founders Fund, and Mayfield Ventures.
Lyft currently operates in around 65 U.S. cities, including San Francisco, Los Angeles, and New York City, with plans to expand both domestically and internationally. With a strategic partner like Rakuten, who knows maybe Asia is Lyft’s next stop.