Apr 6, 2017

Reports: Lyft hails another $500 million

Dan Primack, author of Pro Rata

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.

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In photos: George Floyd's North Carolina memorial service

The remains of George Floyd are brought into Cape Fear Conference B Church. Photo: Ed Clemente/POOL/AFP via Getty Images

Hundreds gathered in Raeford, North Carolina to honor George Floyd, whose death in Minneapolis nearly two weeks ago has sparked nationwide protests against police brutality.

The state of play: This is the second memorial for Floyd. A number of his family members remain in Raeford, including his sister. He was born in Fayetteville, North Carolina, The News and Observer reports.