Taxi app maker Lyft is in the process of raising up to $500 million in funding, according to a share authorisation document filed yesterday (22 November) in the US, Axios reported.

This news comes just a month after CapitalG, Alphabet’s growth investment fund, led a $1 billion financing round in Lyft (Alphabet is also a backer of Lyft rival Uber).

The latest investment deal, though not yet closed, would be an extension of the Alphabet-led round.

A Lyft representative told Axios: “increasing the potential for this round will allow us to further accelerate our commitment to serving passengers and drivers.”

In October, Lyft’s valuation increased from $7.5 billion to $11 billion: the new funding would raise the figure to $11.5 billion.

With CapitalG’s funding, Lyft was planning to enter markets outside the US and expand its driverless car efforts. The company said its service is now available to 95 per cent of the US population, up from 54 per cent at the beginning of the year.