Car sharing app Lyft raises $60 Million in new round of funding


Lyft, a ride-sharing app, has raised $60 million in new round of funding which is led by Silicon Valley venture capital firm Andreessen Horowitz, which was started by Netscape co-founder Marc Andreessen. Since last year, car sharing market is exploding, with companies like Lyft, Uber, and Sidecar are taking advantage of the booming smartphone technology to bring alternatives to traditional transportation options like cabs and rental cars.

Lyft claims that it’s service has increased from providing 14,000 rides a week to more than 30,000 rides a week within just two weeks. This tremendous growth and high demand is why Andreessen Horowitz betting big on Lyft and raised massive cash funding of $60 million, which will help them bring the service to international markets and help New York City regulators. Lyst also plans to do a better job with their marketing campaign to make catching a ride with a total stranger seem socially acceptable.

Lyft’s co-founder, John Zimmer, said: “By the end of 2014, we have definite plans to go international. We need to capture the hearts and minds of new communities, and we need to win over regulators too. This investment will allow us to do all that, and a lot more.”

Lyft was launched in May 2012 in San Francisco and later rolled out to Seattle, Chicago, and Los Angeles. In its first year of business, Lyft hit many bumps in the road from various government and state regulators claiming it legality. The California Public Utilities Commission also handed down $20,000 in fines for public safety violations, but later came to terms with ridesharing services like Lyft and others.

You can download free Lyft app for iPhone and Android.