Uber rival Lyft Inc is raising an additional $500 million in funding.
The additional funding round, led by Alphabet Inc’s CapitalG, is an extension of the $1 billion round announced in October.
Lyft said in a statement, increasing the potential for this round would allow the company to further accelerate its commitment to serving passengers and drivers.
In October Lyft had said that the previous round of funding boosted its valuation to $11 billion from $7.5 billion. The fresh funding would raise its valuation to $11.5 billion.