Lyft Valuation Tops $15B

Lyft announced on Wednesday (June 27) that it raised $600 million in a new funding round, bringing its valuation to $15.1 billion.

The round was led by Fidelity Management, with Senator Investment Group LP also participating.

“Lyft’s strong momentum has continued in the first half of 2018, with our recently launched new passenger app, an environmental commitment to make all Lyft rides carbon neutral, and our partnership with Magna to develop and scale autonomous vehicle technology,” the company wrote in a press release.

According to Reuters, this round of funding makes Fidelity one of Lyft’s largest investors, with a total of $800 million in investment. Lyft’s other investors include AllianceBernstein, Baillie Gifford, and KKR & Co.

“As Lyft grows, we will double down on our values, and invest in the vision that cities should be built around people, not cars. We are committed to delivering the best possible experience for all members of the Lyft community, and we appreciate our drivers, passengers, and team members who help make this continued progress possible,” said the release.

Lyft operates in roughly the same number of U.S. cities as its rival Uber, as well as in Toronto, Canada.

Last month, Lyft’s internal market share numbers showed that it has 35 percent of the national ridesharing market, up from 20 percent 18 months ago. The company also says its market share is over 40 percent in 16 U.S. markets and that it has a majority share in “multiple” markets.

“The last 18 months have been a period of incredible, sustained growth for Lyft,” CFO Brian Roberts said. “There are no signs of that momentum slowing down.”

And earlier this year, Lyft announced that its revenue grew more than $1 billion in 2017 and beat Uber’s growth in Q4 by 2.75 times. In fact, Lyft’s revenue growth was up 168 percent in the fourth quarter, while Uber’s increased by 61 percent.

Lyft also provided 375.5 million rides in 2017, which is up 130 percent year over year. The company also provided rides to a total of 23 million different passengers, which is a 92 percent jump from the prior year, and had 1.4 million drivers at the end of 2017, up 100 percent from the end of 2016.