Uber Rival Lyft Valued at $2.5 Billion

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Lyft Car
A Lyft car drives along Powell Street on June 12, 2014 in San Francisco, California.Justin Sullivan—Getty Images
By Noah Rayman

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

See Uber Protests From Around the World

French Taxi drivers burn tires as they protest in the southern city of Marseille on June 25, 2015 as they demonstrate against UberPOP, a popular taxi app that is facing fierce opposition from traditional cabs.
French Taxi drivers burn tires as they protest in the southern city of Marseille on June 25, 2015 as they demonstrate against UberPOP, a popular taxi app that is facing fierce opposition from traditional cabs. Anne-Christine Poujoulat—AFP/Getty Images
French taxi drivers protest Uber
Police officers in riot gear attempt to flip a car back onto it's wheels at Porte Maillot on June 25, 2015 in Paris. Protesters blocked roads to airports and train stations, overturning cars and setting tires on fire.Guillaume de Senneville—Demotix/Corbis
Hundreds of taxi drivers gather next to the Olympia Stadium to protest ride-sharing apps on June 11, 2014 in Berlin.
Hundreds of taxi drivers gather next to the Olympia Stadium to protest ride-sharing apps on June 11, 2014 in Berlin.Sean Gallup—Getty Images
A demonstrator kicks a car, suspected of being a private taxi during a 24 hour taxi strike and protest in Madrid on June 11, 2014.
A demonstrator kicks a car, suspected of being a private taxi during a 24 hour taxi strike and protest in Madrid on June 11, 2014. Paul White—AP
A taxi driver listens to speeches by his colleagues, during an Europe-wide protest of licensed taxi drivers against taxi hailing apps that are feared to flush unregulated private drivers into the market, in front of the Olympic stadium in Berlin on June 11, 2014.
A taxi driver listens to speeches by his colleagues, during an Europe-wide protest of licensed taxi drivers against taxi hailing apps that are feared to flush unregulated private drivers into the market, in front of the Olympic stadium in Berlin on June 11, 2014. Thomas Peter—Reuters
Taxi drivers hold a banner during a protest in Barcelona on June 11, 2014.
Taxi drivers hold a banner during a protest in Barcelona on June 11, 2014. Josep Lago—AFP/Getty Images
London taxi's line up on The Mall during a protest against a new smart phone app, 'Uber' on June 11, 2014 in London.
London taxi's line up on The Mall during a protest against a new smart phone app, 'Uber' on June 11, 2014 in London.Dan Kitwood—Getty Images
Taxi drivers park their cars and honk the horn in protest on Pennsylvania Avenue, bringing street traffic to a stop as they demand an end to ride sharing services such as Uber X and Lyft on June 25, 2014, in Washington.
Taxi drivers park their cars and honk the horn in protest on Pennsylvania Avenue, bringing street traffic to a stop as they demand an end to ride sharing services such as Uber X and Lyft on June 25, 2014, in Washington.PAUL J. RICHARDS—AFP/Getty Images
An Italian taxi driver distributes leaflets reading "Don't take an illegal taxi, take a white regular taxi" during a protest on June 11, 2014 in Rome.
An Italian taxi driver distributes leaflets reading "Don't take an illegal taxi, take a white regular taxi" during a protest on June 11, 2014 in Rome.ANDREAS SOLARO—AFP/Getty Images
Taxis drivers block a highway outside Paris, near Roissy on June 11, 2014, as they take part in a demonstration to protest the growing number of minicabs, known in France as Voitures de Tourisme avec Chauffeurs (VTC).
Taxis drivers block a highway outside Paris, near Roissy on June 11, 2014, as they take part in a demonstration to protest the growing number of minicabs, known in France as Voitures de Tourisme avec Chauffeurs (VTC). Fred Dufour—AFP/Getty Images

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