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.