It never feels good to always come-up in second place, ride-sharing service Lyft has always been in the shadows of larger rival Uber. However, with Uber’s continuous issues with their “boys club” company culture, Lyft has seen a bump in popularity as more users give the service a chance. As revealed by the Financial Times, Lyft has completed another round of funding, raising $500m and now valuing the company at $6.9B.
This new round of funding comes a year after the company previously raised $1B in early January 2016. In that previous funding round Lyft raised $500m from General Motors as the two companies entered a strategic alliance. General Motors launched their car-sharing service Maven at that same time, allowing for customers to rent cars out by the hour or day, and allows lyft to provide their drivers with vehicles.