May 29, 2013
Ride-sharing service Lyft raised $60 million round of venture capital financing led by Andreessen Horowitz. The new round of funding will enable Lyft to greatly expand not only in the USA, but also abroad, declared founder John Zimmer.
Scott Weiss, general partner at Andreessen Horowitz will join the board as general partner. This will bring the company the operational experience that is much needed as the company scales up.
Besides this new funding from Andreessen Horowitz, Lyft got $15 million from Founders Fund earlier this year. Until the moment the company totaled $83 million of funding since it was founded in 2007. Founders Fund principal Geoff Lewos and Raj Kapor, managing director of Mayfield Fund also joined the board of Lyft.
The company is growing rapidly in all markets and this shows that it made an impression on Weiss and Andreessen, as a few months prior to the investment it was doing 14,000 rides a week and now 30,000 rides. With the funding, Lyft is planning to speed up the growth plan. The expansion will include hiring in all aspects of the business, meaning engineering, public policy, operation and community, as it tries to expand at a global scale.