Lyft will invest up to $50 million in cities where it operates, including Los Angeles

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.

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.

The announcement came on the same day Lyft became a publicly traded company.