Fontinalis Extends Investment In Lyft, Next-Gen Mobility Scope
Venture capital firm Fontinalis Partners announced a new investment in Lyft today. Lyft is the San Francisco-based ridesharing service provider and leader in the sharing economy movement.
Fontinalis, co-founded in 2009 by Bill Ford, seeks to invest in companies with creative next-generation mobility solutions for moving goods, people and services.
According to Bill Ford, Lyft is exactly the type of investment opportunity that Fontinalis looks for. “Lyft is enabling an exciting new model of freedom and personal mobility, as evidenced by its millions of satisfied users,” Ford explains.
Catching A Lyft
Lyft’s business revolves around its creative mobile phone app. The peer-to-peer ridesharing service app allows passengers who need a ride to easily connect to local drivers who have available cars. Currently, Lyft operates in 65 U.S. cities.
With the addition of Fontinalis, Lyft is putting together quite a list of big-name investors, including Alibaba Group Holding Ltd (NYSE: BABA), Andreessen Horowitz, Daniel Loeb’s Third Point and Icahn Enterprises LP (NASDAQ: IEP) chairman Carl Icahn. Icahn discussed his $100 million investment in Lyft on CNBC just days ago, adding, “I think Lyft is growing in a compelling way.”
Bringing Detroit Into The 21st Century
Fontinalis, which has offices in Detroit, has helped to breathe new life into a Detroit economy that suffered heavy losses during the overhaul of the U.S. auto industry.
In December, Fontinalis announced that it will be participating in Techstars Mobility, driven by Detroit, a program to bring 10 early-stage mobility technology companies to downtown Detroit annually for the next three years.
If the program is a success, perhaps one or more of these fledgling companies will mean as much to Detroit in the 21st century as Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM) and Fiat Chrysler Automobiles NV (NYSE: FCAU) meant to the city in the 20th century.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.