Lyft, the ride sharing service known for the distinctive pink mustaches that drivers attach to their vehicles, has raised $60 million in venture funding from Silicon Valley powerhouse Andreessen Horowitz. The new funding values the San Francisco-based company at $275 million, according to The Wall Street Journal.
The new money will be used to supercharge efforts, helping the company expand into more cities. Lyft, whose parent company is Zimride, also offers service in L.A. and San Francisco. It currently is operating about 30,000 rides per week, according to the Journal.
“This funding, along with an investment from Founders Fund a few months ago, will support our global expansion, giving us resources to strengthen existing Lyft communities and build new ones,” the company writes in a blog post.
The deal marks the latest big bet in the consumer arena by Andreessen Horowitz, the venture capital firm co-founded by Netscape founder Marc Andreessen. Other recent bets include Seattle area startups such as Julep and Zulily.
Lyft started offering service in Seattle last month, and GeekWire columnist Monica Guzman gave it, along with rival SideCar, a whirl in recent test rides. Like other ride sharing services, users request a ride via a smartphone app, and then can track the driver’s whereabouts via a map. Wrote Guzman:
I have a car and wouldn’t need these services often. When I do, I’d say I prefer Sidecar’s visibility, but I like Lyft’s spirit. Coke one day. Pepsi the next. They get me somewhere for cheap and make the ride interesting.
Previously on GeekWire: Test riding Sidecar and Lyft, the Coke and Pepsi of ride sharing… Rent by the minute, park for free with new Car2Go service…SideCar expands community-based ride-sharing platform to Seattle, offers $10 credit