Rakuten (TKS: 4755) has taken an 11.9% stake in ridesharing service Lyft by providing $300 million of a $530 million Series E round, valuing the company at around $2.5 billion. Lyft will use the new funding to grow its services and invest in both U.S. and overseas expansion as it competes with Uber, which has raised close to $6 billion in equity and debt funding to date. Last April, Lyft raised a $250 million Series D round that valued the company at $971 million. In the past two years, the company has grown its valuation nearly 10x. Additional company backers include Andreessen Horowitz, Founders Fund, Mayfield Fund and Coatue Management.
Here's a look at Lyft's valuation history:
2010 - $1.2 million Seed ($7M post valuation) 2011 - $6 million Series A ($29M) 2013 - $15 million Series B ($109M) 2013 - $60 million Series C ($275M) 2014 - $250 million Series D ($971M) 2015 - $530 million Series E ($2.5B)
While Lyft and Uber continue to grab headlines with increasingly large financings and valuations, a number of other ridesharing companies are staying active as well. At least five additional companies in the ridesharing space have raised significant funding in the past seven months: SideCar ($16M), Getaround ($24M), RelayRides ($35M), GetTaxi ($150M) and Ola ($210M).
To track VC activity in the ridesharing industry, including deals, valuations, active investors and more, click here.