Ride-hailing company Lyft reportedly has raised at least $500 million in new venture capital funding at around a $7.5 billion post-money valuation, according to multiple reports. Axios has also heard the same from a source familiar with the situation, although the company itself isn't commenting.

No word on new investors in the round, which could grow larger before a final close.

Why it matters: Lyft remains far behind Uber in terms of both money raised and usage, but continued investment at higher valuations indicates that investors remain comfortable with its second-place position. This new round also comes at a time of major turmoil at Uber, and as Lyft reportedly plans to expand its service outside of the U.S.

Still not there: While this round does represent a significant valuation bump for Lyft, it remains well below the $10 billion that multiple sources say Lyft was asking for in a sale process last summer. No companies ultimately submitted bids.