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First, it was Uber’s misfortunes helping to accelerate arch-rival Lyft’s growth. Now it’s Uber’s fortunes. Mutual fund Fidelity will take part in Lyft’s newest round of financing, in which the company is expected to raise $1.5 billion overall.

All total, the latest round of funding brings Lyft’s valuation to $11.5 billion, or roughly a sixth of Uber.

In a statement announcing the funding, Lyft co-founder and president John Zimmer said, “It’s been a breakout year for Lyft, made possible by our team members, drivers and passengers. We will continue to invest in our community and look forward to an even bigger 2018.”

It is not yet known just how Lyft plans to spend the newly-raised capital, or even what sort of role its new investors will take. It’s worth noting that Fidelity, whose stake in Uber is larger than its Lyft investment, played a key role in the resignation of Uber CEO Travis Kalanick earlier in 2017.

Also investing for the first time is a fund by the name of CapitalG, an affiliate of Waymo-owner Alphabet. Waymo, of course, is developing its own self-driving vehicles, and could launch its own self-driving rideshare service within the next few months. It also has an ongoing development partnership with Lyft, though a spokesman from CapitalG denies there is any relationship between the partnership and the investment.


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