Lyft looks for another $500m on top of $1bn already raised
The US ride-hailing service Lyft has extended its latest investment round with the aim of raising an additional $500m in capital, it has announced. The move came after Google parent company Alphabet put in $1bn through its venture capital division CapitalG in October. The company has added 100 new markets during 2017, bringing its coverage to 95% of the US population. The extra investment will support its planned expansion into Canada before the end of the year, and the development of its autonomous vehicle testing programme in California.
Uber rival Lyft is raising an additional $500 million in funding ion its ongoinjg battle with Uber, according to a U.S. share authorization document filed in Delaware.

The additional funding round, led by Alphabet's CapitalG, is an extension of the $1 billion round announced in October.

Lyft spokesman Adrian Durbin, confirming the funding round, in an e-mailed statement said, 'Increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.'

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The additional funding round, led by Alphabet's CapitalG, is an extension of a $1 billion round announced in October, and raises the firm's valuation to $11.5 billion

Axios was first to report the news.

In October Lyft had said that the previous round of funding boosted its valuation to $11 billion from $7.5 billion.

The fresh funding would raise its valuation to $11.5 billion.

It comes a day after Lyft secured a permit to test autonomous vehicles in California, taking it one step further in the race with several other companies to bring self-driving cars to the masses.

Lyft's permit, reflected on the California Department of Motor Vehicles (DMV) website, comes two months after it announced plans to offer a self-driving car as a ride option in the San Francisco Bay Area.

Lyft already has partnerships in place with autonomous car companies to advance its self-driving strategy.

Ride-hailing firm Lyft Inc said on Monday it would launch its service in Toronto, marking the first international expansion for the U.S.-based rival of Uber Technologies Inc. A stock image is pictured

FORD'S SELF-DRIVING VEHICLES Ford self-driving test vehicles will be connected to Lyft's network, but at first, customers will not be able to use them, according to Sherif Marakby, Ford's vice president for autonomous vehicles and electrification. The firm will initially put human-driven vehicles on Lyft's network, and it is unclear when the first self-driving cars will hit roads. Ford is also testing delivery services using self-driving vehicles and a van shuttle service. The self-driving vehicles Ford will deploy through Lyft will use software developed by Argo AI, Advertisement !- - ad: https://mads.dailymail.co.uk/v8/ru/sciencetech/none/article/other/mpu_factbox.html?id=mpu_factbox_1 - ->

The firm struck a research collaboration earlier this year with Alphabet unit Waymo.

It has also secured deals with Ford Motor Co and startup Nutonomy to incorporate self-driving cars in its fleet.

Earlier this year, Lyft joined forces with Ford to deploy self-driving vehicles in 'large numbers' by 2021.

Ford and Lyft teams will begin working together to design software to allow Ford vehicles to communicate with Lyft's smartphone apps.

Ford will initially put human-driven vehicles on Lyft's network, and it is unclear when the first self-driving cars will hit roads.

Ford self-driving test vehicles will be connected to Lyft's network, but at first, customers will not be able to use them, according to Sherif Marakby, Ford's vice president for autonomous vehicles and electrification.

'We're not building prototypes for the sake of building prototypes,' Mr Marakby said, adding Ford intends to ultimately put thousands of self-driving vehicles in use.

Ford's new Chief Executive Jim Hackett is scheduled to meet with investors next weel to outline the automaker's strategy for boosting profitability.

Lyft co-founder John Zimmer displays his company's 'glowstache' following a launch event in San Francisco.

Mr Hackett's plans to compete for revenue from mobility services, which include car sharing and ride-hailing, will be one area of focus for investors.

The Lyft partnership fills in a piece of the puzzle.

Ford is also testing delivery services using self-driving vehicles and a van shuttle service.

The self-driving vehicles Ford will deploy through Lyft will use software developed by Argo AI, a company in which Ford is investing $1 billion (£746 million) over the next five years.

Lyft's chief rival Uber secured the California permit to test self-driving cars in March. Apple Inc, Samsung Electronics, Tesla Inc and a host of automakers also have the permit.