Lyft Announces New Funding, Passes 30,000 Rides Per Week

By PYMNTS | May 23, 2013

On-demand ridesharing app Lyft has announced that it raised $60 million led by venture capitalist firm Andreessen Horowitz, according to a report by TechCrunch.

The media outlet says the San Francisco-based company plans to use the added capital to expand internationally as it continues to compete with established players such as Uber and newcomers like Hailo in the increasingly crowded space.

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“Andreessen Horowitz has demonstrated that they are the top VCs in the world to work alongside entrepreneurs and build real and established businesses,” founder John Zimmer told TechCrunch.

Since being founded in 2007, TechCrunch estimates Lyft has raised roughly $83 million in various funding rounds. Likewise, the business has expanded greatly so far in 2013, increasing its rides per week from 14,000 to 30,000.

Read the full report here.