LOS ANGELES (KABC) -- Rideshare company Lyft will invest up to $50 million in cities where it operates, including Los Angeles, the company announced Friday.
The company made the announcement with L.A. Mayor Eric Garcetti. Lyft says it will invest $50 million, or 1 percent of its profits - whichever is larger - to support local transportation initiatives. The investments will happen in every city where Lyft operates.
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In L.A., Lyft will support Garcetti's "A Bridge Home" program, which partners with the YWCA of Greater Los Angeles, PATH, and The People Concern. Garcetti said he was thrilled to partner with a company that prides itself on transforming transportation.
"We're proud to stand alongside Mayor Garcetti and civic leaders in Los Angeles to launch Lyft City Works, which represents our long-term commitment to support cities across the country with sustainable, accessible, and connected transportation solutions," said Lyft General Manager of Southern California Allen Narcisse in a statement released by the company.
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The announcement came on the same day Lyft became a publicly traded company.