Carmaker Jaguar Land Rover and its InMotion Ventures unit combined today to invest $25m in US-based on-demand ride service Lyft as part of a strategic partnership deal.
Lyft is the second most used ride hailing company in the US, having been responsible for 22.8 million rides in February this year, and the cash will support the company’’s ongoing growth and technology development.
The partnership agreement will involve Lyft helping InMotion testing its mobility and autonomous driving services, while Lyft drivers will get access to a fleet of Jaguar and Land Rover vehicles.
Sebastian Peck, managing director of InMotion, said: “We are excited to collaborate with a leading platform like Lyft not only on developing premium mobility solutions but also devising innovative solutions to the transport problems Jaguar Land Rover’s customers face.
“Personal mobility and smart transportation is evolving and this new collaborative venture will provide a real-world platform helping us develop our connected and autonomous services.”
Lyft has raised more than $2.1bn altogether, having closed a $600m series G round that included e-commerce and financial technology company Rakuten in April this year at a $7.5bn valuation.
The series G round included KKR Next Generation Technology Fund, Janus Capital Group, Baillie Gifford, AllianceBernstein and PSP Investments.
Lyft’s earlier backers include China-based counterpart Didi Chuxing, automotive manufacturer General Motors, e-commerce group Alibaba, Kingdom Holding, Icahn Enterprises, Coatue Management, Third Point Ventures, Andreessen Horowitz, Founders Fund and Mayfield Fund.