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Abu Dhabi, UAESunday 22 July 2018

Lyft's latest funding round values company at $15bn

Ride-hailing company got a vote of confidence from investors in the form of $600m in funds

Lyft got a vote of confidence from investors in the form of $600 million and a markedly higher share price.. Jeff Chiu / AP
Lyft got a vote of confidence from investors in the form of $600 million and a markedly higher share price.. Jeff Chiu / AP

Lyft got a vote of confidence from investors in the form of $600 million and a markedly higher share price.

The funding round, led by existing backer Fidelity Investments, boosts the company’s valuation to $15.1 billion, said a Lyft spokeswoman.

That doubles the value of Lyft from a year ago, when the No. 2 US ride-hailing company was gaining ground on Uber.

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Fidelity injected more into Lyft after investing late last year in a deal led by Alphabet’s private-equity arm CapitalG that valued the business at $11.5bn. Senator Investment Group, a hedge fund, participated in the new round, Lyft said.

While Uber has said it plans to go public next year, Lyft has been more circumspect about its intentions. The money would give Lyft a bit more latitude to control the timing of a public offering. The Wall Street Journal reported the financing round earlier Wednesday.