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 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.