Detroit-based Fontinalis Partners today announced it has invested in the San Francisco-based ridesharing service provider, Lyft, a service that matches passengers who request rides through a mobile phone application. The financing brings Lyft’s total capital raised to approximately $1 billion.
“Lyft is enabling an exciting new model of freedom and personal mobility, as evidenced by its millions of satisfied users,” says Bill Ford Jr., co-founder and partner of Fontinalis Partners and executive chairman of Ford Motor Co. “Fontinalis Partners looks forward to working with Lyft to help it in its goal of building a sustainable and interconnected transportation system.”
Lyft, founded in 2012, competes with Uber, which operates in metro Detroit and Ann Arbor.
“With this financing, we will continue to focus on deepening our footprint, leading product innovation, and providing the best possible experience for drivers and passengers,” says John Zimmer, co-founder and president of Lyft.
Fontinalis, a venture capital firm that strategically focuses on next generation mobility, was co-founded in 2009 by Ford, Ralph Booth, Chris Cheever, Chris Thomas, and Mark Schulz. The firm’s investments include Zagster, a bike-sharing and rental company; ParkMe, an app that provides parking data to navigation providers and mobile platforms; and Life360, a provider of web and smartphone-based safety services, among other technology-laden enterprises. â€‹