The race is on. Lyft, a ride-sharing service that competes with Uber, is raising a $150 million round of funding.
The Series D round was revealed in a filing discovered Saturday by Re/code. Lyft had previously raised a total of $82 million.
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The company has closed $80 million of that funding round, according to Re/code and The Wall Street Journal, with plans to raise another $70 million.
Both publications report that Lyft is now valued at $700 million. Reps for Lyft did not immediately respond to our request for comment.
The latest funding round, which had been rumored earlier in the year, comes a little more than six months after Uber raised a $258 million round at a reported $3.5 billion valuation.
Lyft, which launched publicly in 2012, has been busy expanding into new cities this year, including Houston, Columbus and Minneapolis. Like Uber, it also runs promotions to attract new customers and occasionally runs up against legal battles in new cities.