via Lyft

Lyft, the San Francisco-based rideshare company, announced this week that it has raised a $600 million financing round led by Fidelity Management & Research Company, valuing the company at $15.1 billion.

In the announcement, Lyft emphasized its commitment to expanding its product offerings and footprint beyond its rideshare application.

Lyft’s strong momentum has continued in the first half of 2018, with our recently launched new passenger app, an environmental commitment to make all Lyft rides carbon neutral, and our partnership with Magna to develop and scale autonomous vehicle technology.

Last month, Lyft announced that it will be rolling out a new subscription-based payment model in select locations. This new subscription model, called the “All-Access Plans,” allows users to pay $200 upfront for $15 off 30 rides, meaning that any ride $15 or less is free, and for rides over $15, passengers pay the difference. Select Lyft users in cities like Los Angeles and Houston are currently receiving an email with a prompt to try the new subscription model.

Lyft’s valuation has doubled since its previous fundraising round in April 2017, when it was valued at $7.5 billion. Lyft now holds 35% of the ride-sharing market in the US, indicating that the company is beginning to grab market share from Uber, which was last valued at $62 billion.

This latest fundraising adds to the flurry of capital being thrown at transportation-based startups. The e-scooter industry has seen a meteoric rise in recent months, capped by Santa Monica-based Bird’s ongoing raise of $200 million at a $2 billion valuation just weeks after closing a $150 million through a Series C funding round led by Sequoia Capital.

Adding fuel to the fire, Lyft just announced that it is seeking a permit to launch an e-scooter rental service in San Francisco and Uber recently acquired dockless e-bike service Jump Bikes for a reported amount of $200 million.

More: Lyft Raises New Capital And Continues Momentum
Related: E-Scooter Startup Bird Is Raising $200 Million Just Weeks After Its Previous Round