Lyft raises $530 million in funding to battle Uber in the U.S.

Lyft is getting a funding boost.

The ride-sharing service announced late Wednesday that it has raised $530 million in a Series E funding round led by Rakuten, a Japanese ecommerce company, giving Lyft a valuation of about $2.5 billion

See also: Lyft overhauls its brand to become the next Virgin America

With the additional funding, Lyft plans to double down on the U.S. market by expanding into new cities and investing more in Lyft Line, a carpooling option available in select regions. Those efforts will only continue to put Lyft in competition with Uber, which has a strong presence in many U.S. cities and now operates a similar carpooling service called UberPool. Read more...

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