Lyft valuation hits $15 billion with boost from Fidelity

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, a Lyft spokeswoman said. That doubles the value of Lyft compared with 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 CapitalG — the private-equity arm of Google parent Alphabet Inc. — that valued Lyft at $11.5 billion. Senator Investment Group, 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.