Lyft raises $250 million, announces plans to expand internationally

Popular ride-sharing start-up Lyft announced Wednesday that it has raised an additional $250 million in its latest round of funding and that it intends to begin expanding internationally.

Lyft connects users seeking rides with others who are driving around in their cars. Users hail drivers with the Lyft smartphone app, which is also used to deliver payment.

The ridesharing company launched in 2012 in San Francisco. It now delivers rides in 30 cities across the U.S.

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Lyft said the new funding will allow it to expand into more cities within the U.S. and to begin expanding internationally. It did not say where it will expand to overseas or when it will do so.

By moving to international cities, Lyft will begin competing with rival Uber in more markets. Uber already operates in cities in North America, South America, Europe, Africa and Asia.

Lyft's latest round of funding involved famed venture capital firm Andreessen Horowitz, which last year led Lyft with a $60-million round of funding.


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