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Lyft is getting a nearly $105 million investment from a Saudi prince, The Wall Street Journalreports.
The cash infusion comes from Saudi Arabia's Prince Alwaleed bin Talal, via his Kingdom Holding Company. The investment will give the group a 2.3% stake in Lyft.
The cash, according to The Journal, is part of a larger fundraise totaling more than $247 million for 5.3% of the ridesharing company.
Lyft is Uber's closest ridesharing rival in the US, but the two services could not be further apart in their respective valuation
Read more A billionaire Saudi prince is buying a piece of Lyft for $105 million
The cash infusion comes from Saudi Arabia's Prince Alwaleed bin Talal, via his Kingdom Holding Company. The investment will give the group a 2.3% stake in Lyft.
The cash, according to The Journal, is part of a larger fundraise totaling more than $247 million for 5.3% of the ridesharing company.
Lyft is Uber's closest ridesharing rival in the US, but the two services could not be further apart in their respective valuation
Read more A billionaire Saudi prince is buying a piece of Lyft for $105 million