Economy

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

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

The round was led by Alphabet's CapitalG, its growth-focused investment fund, and CapitalG partner David Lawee will join Lyft's board as part of the transaction. Waymo, Alphabet's self-driving-car company, has partnered with Lyft on the technology.

With the funding, Lyft has raised $3.6 billion to date.

Lyft secured the latest funding round from Alphabet's private-equity arm, CapitalG, giving the company an $11 billion post-money valuation.

The financing news comes at a time when Lyft continues to profit off of the stumbles of its primary rival, Uber.

Alphabet Inc. had been holding conversations with Lyft dating back several months bout a potential investment in recent weeks, signaling strong support for Uber 's main USA competitor, according to people familiar with the matter.

Lyft is close to hiring an initial public offering advisory firm, in the first concrete step by the company to become publicly listed, Reuters reported in September, citing people familiar with the matter. Uber has been in turmoil over a series of scandals, including a wave of sexual-harassment complaints, that led to the ouster of CEO Travis Kalanick.

Interestingly enough, CapitalG is also an early investor in Uber. Earlier this year, Waymo, the self-driving unit of Alphabet, is suing Uber for theft of its trade secrets, alleging that one of its top engineers stole tends of thousands of pages of documents before leaving to start his own company that was subsequently acquired by Uber.

There's yet another complication in Alphabet's relationship with start-up giant Uber.



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