Lyft value jumps to $15.1 billion in new funding round

June 27, 2018
Ridesharing giant Lyft says it has raised more funds to rev up its efforts to compete with sector leader Uber

Smartphone-summoned ride service Lyft on Tuesday announced it is raising $600 million in a funding round that values the Uber competitor at $15.1 billion.

The financing round is being led by Fidelity Management & Research Company, and has been joined by Senator Investment Group.

The Lyft valuation is slightly more than double the $7.5 billion figure used when the San Francisco-based company raised $500 million early last year.

Lyft has seen its valuation and business grow in the aftermath of scandals that vexed ride-share market giant Uber.

The two ridesharing giants are among the richest of the Silicon Valley "unicorns" or venture-backed startups which have not yet hit the stock market.

While Lyft has been focused mainly on the US market, it recently expanded to Toronto and other cities in the Canadian province of Ontario.

Uber last month said its revenue revved in the first quarter of this year and that its value climbed to $62 billion in a new funding round.

Uber chief Dara Khosrowshahi was hired last year to replace ousted chief Travis Kalanick, an Uber co-founder, and steer the San Francisco-based company past controversies to a next year.

Explore further: Lyft takes Uber challenge north to Canada

Related Stories

Lyft takes Uber challenge north to Canada

November 13, 2017

US ride-sharing startup Lyft said Monday it is launching next month in Toronto, the first city in what is expected to be an international expansion for the Uber rival.

Uber raises $1.2 billion, valued at $40 billion

December 5, 2014

(AP)—Uber raised $1.2 billion in its latest round of funding from venture capitalists, a sign investors were little fazed by the ride-hailing app's recent spate of bad publicity over privacy violations and its corporate ...

Uber skids have Lyft steering for passing lane

March 7, 2017

As Uber's gets dented by controversies, on-demand ride rival Lyft is accelerating expansion and out to pick up converts by appearing a friendlier, more sympathic alternative.

Recommended for you

Security gaps identified in internet protocol IPsec

August 15, 2018

In collaboration with colleagues from Opole University in Poland, researchers at Horst Görtz Institute for IT Security (HGI) at Ruhr-Universität Bochum (RUB) have demonstrated that the internet protocol IPsec is vulnerable ...

Researchers find flaw in WhatsApp

August 8, 2018

Researchers at Israeli cybersecurity firm said Wednesday they had found a flaw in WhatsApp that could allow hackers to modify and send fake messages in the popular social messaging app.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.