Ride-hailing rivals Uber and Lyft are racing to raise a combined $1.5bn by the end of the year, as investors become ever more sceptical of the lofty valuations attached to Silicon Valley tech companies.
Uber is seeking to raise $1bn and Lyft is aiming for $500m as the companies fight to build market share and finance expensive legal and political campaigns to back their business models.
The fundraisings come at a time when it is becoming harder to gauge how investors will react to lossmaking start-ups. Payments company Square
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