Lyft, a startup that has attracted attention for its rapid expansion, is also seeking a new way to monetize its services.
Lyft announced Tuesday it is seeking $1 billion in venture capital funding from Andreessen Horowitz, Andreessen Media and Founders Fund.
The round includes a total of $500 million in cash and a $500,000 equity investment.
The company says it will spend $5 million to expand its service, adding additional drivers and expanding its app and network.
The new round is the second round of funding in less than a week for Lyft.
The previous round, led by Greylock Partners, led to the launch of a network of Lyft cars.
The funding announcement comes a week after Lyft announced it was hiring a new chief operating officer, bringing on John Burke as CEO.
The company has been working with Uber for more than a year, and Lyft has been building out its own network of drivers and vehicles.
Uber and Lyft initially worked together on the ride-sharing platform, but it has been fighting to keep its rivals on the road and has been competing for market share.
Uber is the biggest player in the U.S. ride-hailing market, with more than 4 million drivers, and has grown into a global leader in ride-share services.
