Google's parent company leads $1 billion investment in Lyft

Remigio Civitarese
Ottobre 19, 2017

Google was an early investor in Uber, but has had a complicated and stormy relationship with the embattled ride-hailing company, including a lawsuit alleging that a former Google executive stole self-driving auto technology and brought it to Uber.

Lyft, now worth $11 billion, is still much smaller than almost $70-billion market leader Uber.

Lyft just secured $1 billion in a funding round led by Alphabet's investment arm, CapitalG, giving it a post-money valuation of $11 billion. Founded in 2007, the service is now available in 95% of the US, up from 54% at the beginning of the year. The fact remains that less than 0.5 per cent of miles travelled in the U.S. happen on rideshare networks.

"While we've made progress towards our vision, we're most excited about what lies ahead".

It's Lyft's second raise of 2017. Lyft has raised some $3.61 billion in total. Uber also got an infusion of about $250 million from Google in 2013, earning Google's David Drummond a seat on Uber's board. As Bloomberg pointed out, Alphabet is an Uber shareholder, though the companies' "relationship has deteriorated" as of late thanks to Waymo's very public legal battle with the ride-hailing service.

Lyft has a self-driving partnership in place with Waymo, too - the company announced the alliance back in May, around its open platform for autonomous vehicle technology.

Meanwhile, Lyft has a number of other big-name investors in its corner, including Jaguar Land Rover and GM.

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