On-demand transportation group Lyft found support from investors in the form of $600 million worth of new capital, which helped more than double the company’s share price from the previous year.
Spokesman for Lyft stated that the funding round, headed by its existing investor Fidelity Investments Inc., lifted the firm’s valuation to $15.1 billion. That is twice of what it was worth in April 2017, when it was valued at $7.5 billion.
The latest round came six months after the California-based group raised $1.5 billion at an $11.5 billion valuation. Since Lyft’s establishment in 2012, it has received a total of $5.1 billion in venture funding.
The funding now makes Fidelity one of Lyft’s largest investors, with over $800 million. Fidelity was also joined by US hedge fund Senator Investment Group LP in the new round.