Uber Rival Lyft Valued at $2.5 Billion

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.

[Reuters]

Read next: Uber, Lyft Lawsuits Could Spell Trouble For the On-Demand Economy

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Write to Noah Rayman at noah.rayman@time.com.