John Zimmer's Net Worth (2024), Wiki And More Facts

Zimride

Zimmer and Green met on Facebook thanks to a mutual acquaintance. Green had uploaded information on his new startup, "Zimride," which piqued Zimmer's interest because he had been maintaining a journal of carpooling ideas.

The initial version of Zimride's ridesharing program was established at Cornell University, where the service had enrolled 20% of the student body after six months.

Zimride was active on the Cornell and UCSB campuses later in 2007.

Green and Zimmer advertised the business using guerilla marketing operations, in which they dressed up as frogs and beavers and distributed leaflets to Cornell students.

Zimmer was later spotted by a potential recruit while on a Lehman Brothers recruiting trip, who inquired, "I swear I recognize you—were you in a beaver suit on Saturday on campus?"

Green and Zimmer centered the service on carpooling between connected customers while also making it enjoyable. Lyft (previously Zimride) had raised $7.5 million in funding by April 2012 and was operating at over 125 institutions.

Lyft

Lyft raised $60 million in a Series C venture financing round led by Andreessen Horowitz in June 2013, increasing its total funding to $83 million.

Lyft sold Zimride to Enterprise Holdings, the parent company of Enterprise Rent-A-Car, in July 2013, allowing the firm to focus only on Lyft's growth. Lyft completed a $250 million Series D investment round in April 2014, bringing its total funding to $332.5 million, headed by Coatue, Alibaba, and Andreessen Horowitz.

Lyft announced the completion of a $1 billion Series F fundraising round in January 2016, sponsored by General Motors, which contributed $500 million of the total, bringing the total amount raised to $2.01 billion.

Lyft secured a $600 million Series G fundraising round on April 11, 2017, with investors including Kohlberg Kravis Roberts and PSP Investments. Lyft announced a $1.5 billion Series H fundraising round on December 5, 2017, headed by Alphabet Inc.

Lyft launched Lyft Line in August 2014, a ridesharing service that uses its existing driver network to transport clients traveling in the same direction at the same time. Lyft Line provides passengers discounted rates to encourage them to ride together. This feature pays homage to Zimmer and Green's initial vision for Zimride.

Lyft is available in 95 percent of the United States and Toronto as of 2017.

John Zimmer's net worth is currently estimated at $800 million.