Mar 2, 2017

Lyft reportedly seeking to raise $500 million

While Uber is having a challenging last two months, smaller rival Lyft is reportedly seizing the opportunity to raise some additional funding, according to a report from the Wall Street Journal citing anonymous sources.

The ride-hailing company is said to be in talks with investors to raise at least $500 million at a valuation between $6 billion and $7 billion. Lyft was valued at $5.5 billion when it last raised funds in early 2016.

Why more money? It's unclear why exactly Lyft would want to raise more funding right now. Though it did lose $600 million on $700 million in revenue last year, according to The Information, it still had $1.4 billion in cash in the bank as of August. If anything, the company is most likely fundraising now to further take advantage of Uber's recent troubles and backlash from consumers, which have significantly benefitted Lyft's business. As of Feb. 13, Lyft accounted for 20.8% of all U.S. spending on ride-hailing services, up from 16.5% two weeks earlier, according to data from Second Measure provided to the Journal.

Go deeper

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 11:00 p.m. ET: 5,589,626 — Total deaths: 350,453 — Total recoveries — 2,286,956 — Map.
  2. U.S.: Total confirmed cases as of 11:00 p.m. ET: 1,680,913 — Total deaths: 98,913 — Total recoveries: 384,902 — Total tested: 14,907,041 — Map.
  3. Federal response: DOJ investigates meatpacking industry over soaring beef prices — Mike Pence's press secretary returns to work.
  4. Congress: House Republicans to sue Nancy Pelosi in effort to block proxy voting.
  5. Business: How the new workplace could leave parents behind.
  6. Tech: Twitter fact-checks Trump's tweets about mail-in voting for first time — Google to open offices July 6 for 10% of workers.
  7. Public health: Coronavirus antibodies could give "short-term immunity," CDC says, but more data is needed— CDC releases guidance on when you can be around others after contracting the virus.
  8. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagious — Masks, lending books and self-isolating — Exercise, laundry, what counts as soap — Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — How to minimize your risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 7 mins ago - Politics & Policy

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

There are no COVID-19 patients in hospital in New Zealand, which reported just 21 active cases after days of zero new infections. A top NZ health official said Tuesday he's "confident we have broken the chain of domestic transmission."

By the numbers: Almost 5.5 million people have tested positive for the novel coronavirus as of Tuesday, and more than 2.2 million have recovered. The U.S. has reported the most cases in the world (over 1.6 million from 14.9 million tests).

Go deeper (2 min. read)ArrowUpdated 30 mins ago - Health

U.S. coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios. This graphic includes "probable deaths" that New York City began reporting on April 14.

Coronavirus antibody tests are still relatively unreliable, and it's unclear if people who get the virus are immune to getting it again, the Centers for Disease Control and Prevention cautioned on Tuesday.

By the numbers: More than 98,900 people have died from COVID-19 and over 1.6 million have tested positive in the U.S. Over 384,900 Americans have recovered and more than 14.9 million tests have been conducted.

Go deeper (2 min. read)ArrowUpdated 1 hour ago - Health