Google parent leads $1bn investment in Uber rival Lyft

Ride-hailing start-up now valued at $11bn following latest funding round

The deal also firms up ties between Lyft and Alphabet’s autonomous vehicle division Waymo

The deal also firms up ties between Lyft and Alphabet’s autonomous vehicle division Waymo

 

CapitalG, the investment arm of Google parent Alphabet, led a $1 billion investment in Lyft that values it at $11 billion, the ride-hailing start-up said on Thursday.

The new funding round gives Lyft a cash infusion to compete with Uber Technologies, which has been reeling from a series of scandals and executive turnover in 2017. The deal also firms up ties between Lyft and Alphabet’s Waymo autonomous vehicle division.

Bloomberg previously reported Alphabet, which already has a stake in Uber, was considering a $1 billion investment.

Bloomberg