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Get Lyfted, Internationally
Just in time for the holiday season, Lyft announced its plans to enter its first international market in Toronto, Canada next month. President and Co-Founder John Zimmer has hopes that Toronto will become one of Lyft’s five largest markets.
Uber, the company’s largest rival in the ride-sharing business, entered Toronto five years ago and has faced challenges from the taxi industry. While Lyft tries to differentiate itself with a friendlier public image and focus on “treating people well,” the company will still be met with strict regulations in its new market.
CEO Logan Green says, “We have had our sights set on international expansion for months, and the Canadian market is an obvious fit for Lyft’s culture, values and the service that we provide.”
All the while, Lyft is in the process of raising $1 billion in financing, with support from Alphabet’s venture investment arm, CapitalG, and is also considering an initial public offering (IPO) in 2018.
For comments, questions or concerns, please contact Daniella Soloway
