A San Francisco taxi competes alongside a car run by Lyft, an Uber-like online cab service. PHOTO: AFP
Kingdom Holding Co, which is 95 per cent-owned by billionaire Prince Alwaleed bin Talal, invested $104.9 million in the San Francisco-based startup, it said in a statement.
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The investment is equivalent to a 2.3 per cent stake. Kingdom Holding invested $31 million in a capital increase and spent $73.9 million to acquire preferred shares from other investors, it said.
The statement did not identify the co-investors. Lyft announced an expansion of its alliances with Asian partners earlier this month, increasing its challenge to rival Uber.
Lyft is valued at $2.5 billion, while Uber has become one of the world's most valuable startups, worth an estimated $50 billion.
New deal: Uber valuation tops $50b with latest funding, says report
Kingdom Holding's diversified interests range from the Euro Disney theme park and Four Seasons hotels to News Corporation and Citigroup.
The Saudi tycoon and his firm also became Twitter's second-largest shareholders in October.
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