Lyft raises $600M in race to catch up with Uber


(Lyft Photo)

Lyft has raised a $600 million investment round led by Fidelity Management  Research, the company announced Wednesday.

The fresh cash brings the ride-hailing app’s valuation to $15.1 billion. That’s about a quarter of Lyft competitor Uber’s valuation of $62 billion. But Lyft appears to be gaining on Uber, which has been navigating a series of high-profile scandals over the past year.

The announcement comes just a few weeks after reports surfaced that Lyft is close to acquiring Motivate, the company that runs New York’s CitiBike bike-sharing program. According to The Information, the price tag could be $250 million or more.

Lyft is in fierce competition with Uber, which acquired the dockless electric bike-sharing company JUMP earlier this year.

In addition, eyeing bike-share, Lyft has partnered with Magna, an automotive tech supplier, to develop self-driving car technology.

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