Lyft raises $500m 'war chest' in battle with Uber

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.' 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.