New Investment Increases Lyft’s Valuation To Over $15 Billion

As Uber continues to overcome the controversy of recent events concerning its autonomous fleet, ride-hailing rival Lyft has received a huge boost after raising an additional $600 million in a Series I financing round.

Tech Crunch reports that Fidelity Management & Research Company and Senator Investment Group LP led the latest capital raise, bringing Lyft’s valuation to $15.1 billion, more than double its value just 14 months ago.

With the introduction of its service in new cities across the United States and Canada, as well as the rapid development of autonomous vehicles, Lyft’s presence is on the rise. In fact, its market share in the U.S. has jumped from 22 per cent in January 2017 to 35 per cent.

Lyft is closing in on Uber

Since Lyft’s formation, it has raised $5.1 billion in primary capital. By comparison, Uber reached a peak valuation of almost $70 billion in 2016 and is currently valued at roughly $62 billion.

Whereas Uber’s self-driving program hit a roadblock after a fatal crash earlier this year, Lyft’s autonomous plans are surging forwards. The ride-hailing company has joined forces with the likes of General Motors, Waymo and Aptiv to further the development of the technology.

Moreover, in July 2017 Lyft launched its own autonomous driving division. Lyft hasn’t been as public as Uber about the progress of its autonomous vehicles, but can cover some ground while Uber’s fleet is grounded.

Lyft says it is pursuing Level 5 autonomy so its vehicles can control themselves in all situations. When developed, this technology would be used to create a self-driving fleet of cars for the company’s ride-hailing service.

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  • ▶️ ProtectOurHeritage ◀️

    $15 Billion? There’s a new dot-com bubble approaching! 😂😂😂

    • Status

      Yeah, I’m glad the internet never recovered from that mess and later became worth many trillions of dollars.

      Do you just poo-poo any new idea that uses computers for things other than gaming as being a fad?

      • ▶️ ProtectOurHeritage ◀️

        I guess you are too young to remember the previous dot-com bubble? Or do you think it just won’t happen again? 😂😂😂

        • Status

          I do remember the dot-com era and the endless AOL CD’s. I also know the internet continued onwards and became a primary driver of comerce the world over.

          Just so you know the space age ended 40 years ago, and the dot-com era ended 20 year ago. What this has to do with autonomous technology and the global, privately-funded push towards its implementation and your fear of a technological future has yet to be understood.

          Also, if you’re going to say ‘SkyNet’, I’ll have to remind you that it is (and still is) fiction.

          • ▶️ ProtectOurHeritage ◀️

            SkyNet? I’m talking about the beautiful principles of capitalism you deluded fool! 😂😂😂

            You may remember the dot-com era but you clearly didn’t learn any lessons from it. Many of these technology companies are vastly overvalued. Tech corporations aren’t excluded from the same boom and bust that other businesses are faced with. Just because they have some shiny new autonomous technology and lots of investment from private individuals, it doesn’t mean they can’t go pop overnight, wiping billions off their value, and ultimately ending up closing their doors.

          • Status

            You still think the world works in terms of left vs. right and capitalism vs communism? You’ve got a lot to learn.

            Besides, I said privately funded. I never said it was funded by private individuals, as organizations like Alphabet doesn’t need their help anyway. That’s the trap you’re falling into; to think that the funding for all of this is coming from so unseen wealthy person who lives in a 25,000 sqft home.

            You’re thinking too small.

          • ▶️ ProtectOurHeritage ◀️

            Again, you seem to have no understanding about the basics of boom and bust. Companies like Alphabet and Amazon are going nowhere, they are well established. Overpriced tech companies like Lyft and the smaller ones that investors (with people’s private money – through pension funds, etc.) like to make money on are vastly overvalued. When these companies go pop, it’ll have the potential to cause a small to large economic downturn that could last anywhere from a few days to many months.

            I’m sorry the world of business is difficult for you to understand. You should try learning about it.

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