Lyft has raised $600 million in new funding led by existing investor Fidelity at a valuation of $15.1 billion post-money, up from $11.7 billion at the previous round.

Why it matters: Though Uber and Lyft remain in tight competition in the U.S. ride-hailing market, Lyft has been touting steady gains over its much larger competitor.

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• The round could expand to up to $1 billion, says Lyft, but it would want to have strategic investor come on board.
• There is no secondary transaction as part of this round.
• Lyft says it didn't raise the funds because it needs them, as it still has $3 billion in the bank.