Lyft and Uber are like the Hatfields and McCoys, locked in a rivalry that seems to have no end. Each side keeps getting bigger and bigger guns, and this week, it appears Lyft is trying to gain the upper hand again.
Lyft is wrapping up a new round of funding that will add $500 million to the company's coffers, The Wall Street Journal reports. Including the funds that were just raised, this new round of "gimme gimme" bumped Lyft's total valuation from $5.5 billion to $7.5 billion. It's unclear if there were any new investors this time around.
This is probably a smart time to raise some additional cash. Uber, Lyft's chief competitor, has been hit hard in the press lately. Whether it's a kerfuffle with the State of California over autonomous-driving permits or investors calling for a change in company culture amid issues with diversity and alleged harassment, it's been tough goings for Uber lately.
Lyft also found some advantage in the fallout of President Trump's first executive action on immigration and tourism. Uber's handling of the situation, given its CEO's position on Trump's advisory board and the company's willingness to break a New York taxi union's picket line with its own vehicles, saw many users move to Lyft with a clever hashtag (#DeleteUber) in tow.