After the company's latest round of investor funding, Lyft is now worth an estimated $15.1 billion. Fresh cash in the amount of $600 million pushed the ride-sharing company to its latest heights.
Tech Crunch reported on Thursday that Fidelity Management & Research Company led the investments and has contributed $800 million to date. The firm is one of Lyft's largest investors. The ride-sharing company, a major rival to Uber, has grown substantially in the United States over the past year—partially due to some major missteps by Uber itself.
Lyft's market share has grown to 35 percent in the U.S., up from 22 percent in January 2017. Rival Uber has faced numerous incidents in recent months; one of the company's self-driving cars struck and killed a pedestrian in Arizona last March, which prompted the company to ground its fleet of prototypes. Culture issues have also plagued the company.
At Lyft, the company appears to be pouncing on its chance to expand. The ride-sharing company has raised $2.9 billion in primary capital since April 2017 and has expanded into new U.S. and Canadian cities. Lyft has also partnered with Waymo, a self-driving car subsidiary of Alphabet Inc., to develop robo taxis. Lyft has also partnered with Ford for a similar mission.
The numerous partnerships have left one major investor in the cold: General Motors. The U.S. automaker previously invested $500 million into Lyft and agreed to develop a network of self-driving cars. Since then, GM and Lyft have largely cut ties, though GM's investment still stands.