Investments in the ride-sharing firm Lyft have valued the company founded three years ago at roughly $2.5 billion.
Lyft raised $530 million in its latest round of funding, including $300 million from Japanese online retailer Rakuten Inc., as it looks to continue expanding, Reuters reports.
But the private company still lags behind Uber, the largest startup in the U.S, which has also rapidly expanded abroad. Uber is valued at around $40 billion.
Read next: Uber, Lyft Lawsuits Could Spell Trouble For the On-Demand Economy
Listen to the most important stories of the day.
More Must-Reads From TIME
- What Wildfire Smoke Does to the Human Body
- Prince Harry Breaks Royal Convention to Testify in Court
- Teens Are Taking Wegovy for Weight Loss
- Elliot Page: Embracing My Trans Identity Saved Me
- How a Texas High Jumper Has Earned Nearly $1 Million
- What the Debt Ceiling Deal Means for Student Loan Borrowers
- How Past Lives Combines Memoir and Artistry
- 7 Ways to Get Better at Small Talk