Uber and Lyft have each doubled their fundraising to amass a combined $3.1bn from investors, underscoring how the most prominent Silicon Valley start-ups still have access to capital even as some smaller companies struggle to access money.
As part of its fundraising, Uber has landed a partnership with Guangzhou Automobile Group, as the ride-hailing company continues an aggressive push into China.
The US company has invested heavily in China, but its future is uncertain as a set of ride-hailing laws is due to come into force there next year. Moreover, Uber’s Chinese rival,
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