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

Get The Brief. Sign up to receive the top stories you need to know right now.

Please enter a valid email address.

* The request timed out and you did not successfully sign up. Please attempt to sign up again.

Sign Up Now

An unexpected error has occurred with your sign up. Please try again later.

Check here if you would like to receive subscription offers and other promotions via email from TIME group companies.

You can unsubscribe at any time. By signing up you are agreeing to our Terms of Service and Privacy Policy.

Thank you!

For your security, we've sent a confirmation email to the address you entered. Click the link to confirm your subscription and begin receiving our newsletters. If you don't get the confirmation within 10 minutes, please check your spam folder.

Listen to the most important stories of the day.

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