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Saudi Arabian prince invests $104 million into ride-sharing giant Lyft

Lyft receives a huge $104 million investment from Saudi Arabia's Prince al-Waleed bin Talal

Anthony Garreffa | Dec 27, 2015 at 11:31 am CST (0 mins, 30 secs reading time)

It looks like ride-sharing giant Lyft is getting a huge injection of funding from Saudi Arabia's Prince al-Waleed bin Talal, who announced that his Kingdom Holding Co. will secure a 2.3% stake in Lyft.

Saudi Arabian prince invests $104 million into ride-sharing giant Lyft | TweakTown.com

The 2.3% stake will cost al-Waheed's company $104.9 million, which is one part of the largest investment by an unnamed group for $247.7 million, taking a 5.3% stake in Lyft. These investments boost Lyft's estimated valuation to $4.92 billion. With Lyft only operating in the US right now, and the San Francisco-based company scaling back its overseas expansion plans, this investment should be quite a nice surprise over the holidays for Lyft.

NEWS SOURCE:blogs.wsj.com
Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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