An illuminated Lyft Inc. sign is seen on the dashboard of a ride share vehicle at Los Angeles International Airport (LAX) in Los Angeles, California, U.S. (Photographer: Patrick T. Fallon/Bloomberg)

Lyft Valuation Hits $15 Billion With Boost From Fidelity 

(Bloomberg) -- Lyft Inc. 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 U.S. ride-hailing company was gaining ground on Uber Technologies Inc.

Fidelity injected more into Lyft after investing late last year in a deal led by Alphabet Inc.’s private-equity arm CapitalG that valued the business at $11.5 billion. Senator Investment Group LP, 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.

©2018 Bloomberg L.P.