Lyft has raised more than $500m at a valuation of $6.9bn, according to three people familiar with the matter, as investors back the Uber rival’s continued expansion across the United States.

The new valuation represents a 50 per cent increase from Lyft’s previous fundraising round in January 2016, which valued the company at $4.5, excluding the new capital raised.

While still dwarfed by its larger rival Uber, which is valued at $70bn, Lyft has seen its business buoyed by recent consumer boycotts of Uber in the US.

Investors have already backed Lyft with at least $500m in the fundraising, which could still increase to $600m as final investments are sealed.

Lyft’s previous investors include Alibaba, Didi Chuxing, Carl Icahn, and Andreesen Horowitz. The company declined to comment.

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