Lyft is seeking to raise an additional $500 million, over and above the $1 billion it raised in a round led by Alphabet venture arm CaptialG last month. The $500 million is an extension of that round, the company told Axios, and is not yet closed. But it should add to Lyft’s overall valuation once closed, bringing its post-many total to $11.5 billion.
The round extension would allow Lyft to put more money into its passenger and driver products, the company told Axios. It would also come at a crucial time for Lyft, since it’s set to expand into its first market outside the U.S. in December with a launch in Toronto and Hamilton in Canada.
Lyft has really pushed the accelerator on its growth this year, moving to cover 95 percent of the U.S. population with over 100 new market additions during 2017. It’s also touting a milestone of more than 500 million rides and counting, and expanding its autonomous technology testing program, with a recent permit acquired from the California DMV for testing on state roads.