Jeff Chiu / AP

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.

Go deeper

Ilhan Omar wins Minnesota primary

Photo: Stephen Maturen/Getty Images

Rep. Ilhan Omar (D-Minn.) won the Democratic primary against lawyer Antone Melton-Meaux on Tuesday evening, AP reports.

Why it matters: The race is one that's played out across the U.S. as progressives continue to sweep party nominations. Omar's win officially means all four progressive members of "The Squad" have won their primary elections.

Updated 3 hours ago - Politics & Policy

25 face felony charges after downtown Chicago hit by looters

Police officers inspect a damaged Best Buy in Chicago that was looted and vandalized. Photo: Scott Olson/Getty Images

Local police officers are seeking felony charges in 25 cases following the arrest of 100 people in the wake of widespread looting and property damage in Chicago on Monday, per the Washington Post.

Driving the news: Law enforcement said the event involving hundreds of people was a coordinated response after an officer shot a suspect Sunday evening, according to CBS Chicago.

Marjorie Taylor Greene wins Georgia's 14th district runoff

Photo: Elijah Nouvelage / Getty Images

Gun-rights activist Marjorie Taylor Greene defeated physician John Cowan in a runoff election for the Republican nomination in Georgia's deep-red 14th Congressional District on Tuesday, AP reports.

Why it matters: Greene, a vocal QAnon conspiracy theorist who has been condemned by GOP leaders for making multiple offensive remarks about Black people, Jews and Muslims in Facebook videos, is likely to win a seat in the House come November.