Two big names announced big funding updates today: Lyft and Snapchat. Lyft has been working on funding for some time now as it aims to compete with its huge competitor, Uber. Snapchat has been making huge strides in both value and funding lately, with rumors Prince Alwaleed of Saudi Arabia might be involved.
How much: While Snapchat hasn't disclosed exactly what deals may have been signed thus far, they are seeking around $500 million in funding. Snapchat has already raised over $640 million to date, and quietly closed a round of funding for over $400 million at the end of last year.
By whom? Chinese e-commerce giant Alibaba and Saudi Arabian investor Prince Alwaleed Bin Tala. Alibaba is reported to be in talks to invest $200 million. Prince Alwaleed Bin Tala, it has been confirmed, did meet with the Snapchat CEO Evan Spiegel to discuss “future potential business cooperation.”
How much: $530 million!
By whom: The new funding is being led by Japanese e-commerce giant Rakuten. $300 million of that came through Rakuten. The other investors are unclear.
Why? It seems, considering the global investment, that Lyft might attempt to make the move out of the US and work internationally, though nothing solid has been stated at this time.