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Lyft Partners & Potential

InvestX Editorial Team
0 Comments|June 26, 2017

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Over the past few months, Lyft has been busy making strategic moves with a number of high-profile partners. Here’s a list of what Lyft has been up to recently.

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In January 2016, Lyft raised $ 1 billion in a Series F round, half a billion of that came in from General Motors. The funding from GM helped to create a long-term strategic alliance to build out a connected, ownerless car service with Lyft. GM has been testing autonomous Chevy Volts and wants in on the rideshare business. This strategic alliance could lead to GM’s autonomous vehicles being summoned by smartphones through the Lyft app.

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Back in May, Lyft made a deal with Waymo, Google’s sibling self-driving-car technology company. This partnership gives Lyft access to deep financial and technical resources and a partner with expertise in the self-driving vehicle industry. Waymo thinks its technology is near ready for commercial use, which would be another driver of growth for Lyft.

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A few weeks after the partnership with Waymo, Lyft also unveiled plans for a separate pilot project in Boston with nuTonomy. CEO and co-founder of Lyft said:

“The first stage of the partnership will be R&D around understanding the passenger experience. We’re planning future stages of our collaboration that could lead to thousands of nuTonomy cars on the Lyft platform.”

NuTonomy launched one of the earliest driverless rideshare programs with a project that began in Singapore a year ago.

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Last week, Lyft announced a new automaker partner. Jaguar Land Rover is making a $25 million investment in Lyft through its mobility services arm, InMotion Ventures. InMotion’s news release says that this investment will support Lyft’s expansion and technology plans. It will also provide Jaguar Land Rover’s InMotion Ventures with the opportunity to develop and test its mobility services, including autonomous vehicles. John Zimmer, President, and Co-founder of Lyft commented on the partnership saying:

“We’re excited to join forces with Jaguar Land Rover and InMotion. Lyft envisions a future where shared mobility will transform cities and improve people’s lives. This partnership will help us achieve that ambitious goal.”

In April, Lyft completed a Series G funding of $600 million, with a post-money valuation of $7.5 billion. This brings Lyft’s total funding to $2.61 billion and comes at a crucial time for the ride-hailing company that is looking to capitalize on rival Uber’s recent happenings.

Partnerships with several major players in the auto and autonomous driving industry and a strong balance sheet make us excited to see how Lyft will be involved in the transformation of the auto and ride-sharing industries.

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