Ride-hailing company Lyft Inc. plans to raise as much as $1 billion ($1.4 billion) in new funds, according to a Delaware state filing, in a round of financing analysts said could sharply boost the valuation of Uber Technologies Inc.’s largest US rival.
Lyft didn’t indicate in the Friday evening filing how much had been raised, who was investing in the round or list a valuation. Sven Weber, a financial filings expert, pegged the pre-money valuation at about US$4.5 billion while Justin Byers at VC Experts estimates it closer to US$3.9 billion. Lyft was valued at US$2.5 billion when it announced a previous funding round in March.
The latest fundraising round contained some downside protection for new investors, including the provision of extra shares should Lyft go public at a lower valuation.
“This is a very modest ratchet function,” said Weber, President of the SharesPost 100 Fund. “It’s not outrageous.”
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Lyft didn’t indicate in the Friday evening filing how much had been raised, who was investing in the round or list a valuation. Sven Weber, a financial filings expert, pegged the pre-money valuation at about US$4.5 billion while Justin Byers at VC Experts estimates it closer to US$3.9 billion. Lyft was valued at US$2.5 billion when it announced a previous funding round in March.
The latest fundraising round contained some downside protection for new investors, including the provision of extra shares should Lyft go public at a lower valuation.
“This is a very modest ratchet function,” said Weber, President of the SharesPost 100 Fund. “It’s not outrageous.”
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