Uber’s biggest rival has raised new funding and doubled in valuation to $15 billion

Ride-hailing firm Lyft announced that it raised $600 million (£459 million) in funding and that its valuation has shot up to $15.1 billion (£11.6 billion).

In April 2017 Lyft was valued at $7.5 billion (£5.7 billion), meaning the company has more or less doubled in value in just over a year.

The new round was led by Fidelity Management, with participation from Senator Investment Group LP. This comes just six months after Lyft raised $500 million (£383 million) at a $11.5 billion (£8.8 billion) valuation.

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