Lyft raises $500 million in funding round, now valued at $7.5 billion

Lyft has raised $500 million in additional funding, valuing the Uber competitor between $6.9 billion and $7.5 billion according to several media reports. The money, which Lyft was rumored to be attempting to raise last month, will fund the company’s competition with the much more valuable — and better funded — Uber.
Lyft has doubled its valuation since its last capital raise, in January 2016, when the company was valued at $4.5 billion. The raise is the company’s 11th acc