Lyft Valued at $15.1 Billion

Lyft says it has raised $600 million in new financing led by mutual fund giant Fidelity Management & Research Company. The funding round gives ride-sharing company Lyft a valuation of $15.1 billion.

Also Joining Fidelity in this capital raise is Senator Investment Group LP.

Rival Uber remains the leading ride-sharing company with a valuation north of $60 billion. Both Uber and Lyft are based in San Francisco. Neither company has turned a profit yet.

Lyft’s service is available in all 50 states and covering 95% of the U.S. population. Lyft is also available in Toronto, its only foreign market.