Lyft Sees Opening For $500 Million Cash Grab As Uber Struggles

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Eric Lieberman Managing Editor
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Lyft is gunning for $500 million in funding while its rival Uber is mired in scandals.

It’s trying to curry favor with investors and capitalize on being the main competitor and alternative to Uber.

The number two in U.S. ride-sharing was valued at $5.5 billion in the last fundraising round a year ago, and now hopes to raise its valuation to between $6 billion and $7 billion, according to The Wall Street Journal.

While potentially interested investors are not yet known, Lyft’s financial endeavors are occurring right at an auspicious period. Uber has been dealing with so many debacles (allegations of sexual harassment, systemic sexism, rampant lewd behavior, cutthroat work culture) that there are almost too many to keep track of. (VIDEO: Uber CEO Says He Needs To ‘Grow Up’ After Getting In Heated Argument With A Driver)

Lyft reportedly experienced a bump in the U.S. market share after the #deleteUber campaign on Twitter, which saw people purging their Uber accounts for a number of reasons, including the CEO originally being a member of President Donald Trump’s economic advisory council.

More than 200,000 people deleted Uber in a single weekend, according to Business Insider. (RELATED: Tech’s Top Refugee Ban Critics Set To Meet Trump)

If Lyft was able to raise a half of a billion dollars, it would bring its fundraising total to $2.5 billion, which is still dwarfed by Uber. Uber is valued at $69 billion after raising $11.5 billion, reports Business Insider.

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