Lyft raises $1 billion in funding round led by Google's venture arm

19 October, 2017, 20:24 | Author: Leticia Walters
  • Alphabet just backed Lyft, a US rival to Uber, in a $1bn funding round

Last month, Google was rumored to be mulling a huge investment in Lyft as the two companies work together against Uber to bring self-driving cars to the mainstream.

CapitalG, an investment arm within Google-parent Alphabet, will lead a $1 billion funding round for Lyft, the companies said on Thursday.

XAutoplay: On | OffCapitalG, Alphabet's growth investment fund, led the financing round, Lyft said in a blog.

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

Lyft remains a distant second to Uber, both in terms of market share and valuation.

The new funding round gives Lyft a cash infusion to compete with Uber, which has been reeling from a series of scandals and executive turnover in 2017. The fact remains that less than 0.5% of miles traveled in the USA happen on rideshare networks.

Waymo, the autonomous-driving subsidiary of Alphabet, in May announced an alliance with Lyft, Uber's main rival.

This is not yet a done deal and the report notes it "may not come together", so we'll just have to wait and see what happens. The company was reported to be raising a new $1 billion round, with Alphabet involved, back in September.

There's yet another complication in Alphabet's relationship with start-up giant Uber. CapitalG Partner David Lawee will join Lyft's board.

"We're looking forward to working with Lyft to explore new self-driving products that will make our roads safer and transportation more accessible", a Waymo spokesperson said at the time.

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