On-demand ride-sharing service Lyft is lifting off with a huge $60 million VC investment. Seeking to disrupt the traditional taxi cab industry, Lyft uses their mobile app to turn average commuters into a city-wide transport service.
The investment comes after the company announced impressive growth figures with 30,000 rides given a week. According to TechCrunch, Lyft has more than doubled the number of rides given per week from 14,000 only 2 months ago. In total the start-up has amassed more than $83 million in investment since 2007.
With their war chest of funds in place, Lyft plans to rapidly scale their services into new markets in the US and internationally.
Lyft currently vets would be drivers by interviewing them as well as requiring driver safety and background checks. Anyone with a clean criminal and safe driving record can sign up to become a driver and start earning income during their daily commute.
As a Los Angeles iPad app developer its encouraging to see mobile start-ups like Lyft disrupt stagnant entrenched interests like Taxi companies. Only a few years ago no one would have dreamt that an iPhone app developer would be powerful enough upend one of the oldest industries in America. Currently 80% of seats in cars on the road are left empty. By filling that void tech start-ups like Lyft effectively boost transport efficiency to reduce traffic and CO2 emissions.Tags: lyft, lyft ridesharing, rideshare app, sidecar competitor, taxi cabs, tech disrupt, uber competitor