Saudi Arabia's Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, said on Thursday it had led a group of investors which bought 5.3 percent of US ride-hailing firm Lyft Inc for $247.7 million.
Lyft, Uber Technologies Inc's biggest competitor in the United States, is looking to raise up to $1 billion in a Series F funding round, according to filing provided by VC experts earlier this week.
Kingdom, Prince Alwaleed and other parties invested $100 million in the Series F capital increase, with Kingdom taking a $31 million share, the Saudi firm said in a bourse filing without naming the other investors.
In addition, Kingdom and Prince Alwaleed invested $147.7 million to acquire preferred shares in Lyft in the secondary market. Kingdom's share of this invetment was $73.9 million.
Kingdom, which now owns 2.3 percent of Lyft on an as- converted basis, used existing available funds for the acquisition, it said.
Lyft, a privately held transportation network company based in San Francisco, makes a smartphone app that facilitates peer-to-peer ridesharing by connecting passengers who need a ride with drivers who have a car.
Kingdom and Alwaleed are major investors in U.S. companies in the technology and other sectors; together they own more than 5 percent of Twitter Inc.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.