Google owner leads $1bn funding for Uber rival

Google owner leads $1bn funding for Uber rival”

The new financing, which comes as Uber looks to close a multibillion investment from SoftBank Group Corp., boosts Lyft's valuation by almost 50% to $11 billion. Lyft has also inked deals with Jaguar Land Rover and Ford, and General Motors invested $500 million in the company previous year.

The falling out dates back to previous year when Kalanick became convinced that Waymo meant to deploy its robotic cars in a rival ride-hailing service.

As we explained recently, Lyft has been putting together a host of partnerships of late, an Android-like strategy that is positioning the company well for the coming years.

The startup on Thursday said it raised $1 billion in funding led by a venture-capital fund of Google parent Alphabet Inc., giving Lyft financial ammunition as it eyes a first-time expansion beyond the USA and broadens its driverless-car efforts. Lyft was quick to capitalise, donating to the American Civil Liberties Union and issuing a string of progressive political statements.

The funding is bad news for Uber, which is trying to finalize a major investment from SoftBank Group. Even if the SoftBank deal were to go through as expected, a well-financed Lyft is not likely to make things easier for Uber. On paper, Uber remains the far more valuable company. Uber has been valued at as much as $70bn. David Drummond, Alphabet's chief legal officer, took a board seat.

There's a long history of technology companies investing in the next generation of upstarts. Waymo sued Uber in February for allegedly stealing its driverless-car trade secrets to jump-start its own program.

Lyft quietly gaining ground on Uber Technologies Inc. while its larger crosstown ride-hailing rival has been embroiled in months of corporate drama and setbacks. But this year, Lyft has closed the valuation and market-share gap.

According to commentators, the new investment further complicated the tangled web of financial relationships in the ride-hailing industry, where companies like Lyft and Uber have pulled huge amounts of funding from firms that often put money into competing companies.

Uber mulled acquiring Lyft back in 2014. Lyft has also flirted with worldwide expansion, while Uber already operates in more than 70 countries.

Like this


20 October 2017
Mobile customers overcharged by providers after contracts end, research suggests
Many phone contracts are paid monthly over two years and cover the cost of the customers' phones, which can be hundreds of pounds to buy outright.

20 October 2017
Rogers boosts subscribers, hikes forecast as profit surges
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Rogers Communication presently has an average rating of "Buy" and a consensus price target of $61.75.

20 October 2017
Golmaal Again Movie Review Rating; Ajay Devgn's Golmaal 4 Review
Golmaal Again is the fourth film in the series, and if you've watched the previous ones, you know what to expect from this one. With Golmaal Again , he presents a story that will keep you entertained throughout the first half.

20 October 2017
Justin Thomas grabs early PGA Tour's CJ Cup lead
Fellow Spaniard Pablo Larrazabal shot 67 to share second with England's Robert Rock. New Zealand's Lydia Ko was in a group of five tied for fifth at 70.

20 October 2017
Barrick and Tanzania sign pact
Acacia's shares climbed to an nearly three-month high of £2.53 (US$3.34) following the announcement. The state will have representatives on the board of the company and at every mine.

20 October 2017
NextEra Energy Partners, LP (NYSE:NEP) Under Analyst Spotlight
Berson & Corrado Investment Advisors, LLC downsized its ownership by selling 2,875 shares a decrease of 15.1% in the quarter. It has underperformed by 64.43% the S&P500.The move comes after 8 months positive chart setup for the $740.17M company.

20 October 2017
Premier League preview: Chelsea vs Watford
The English Premier League continues this weekend, so take a look at our tips and predictions for the Chelsea vs. They'll try to avoid losing three consecutive league matches for the first time since late October-November 2015.

20 October 2017
Equinix, Inc. (NASDAQ:EQIX) Under Analyst Spotlight
It is the same, as 67 investors sold C shares while 443 reduced holdings. only 124 funds opened positions while 435 raised stakes. Since May 8, 2017, it had 0 buys, and 7 selling transactions for $8.57 million activity. $2.31M worth of Equinix, Inc.

20 October 2017
Almost $500K raised for kids of fallen soldier Sgt. La David Johnson
Johnson, 25, of Miami Gardens, Florida, was assigned to the 3rd Special Forces Group (Airborne) at Fort Bragg in North Carolina. But two accounts of his condolence call suggest the president struggled to convey an empathetic tone.

20 October 2017
Amir responds to Kohli's praise for him
He said that if you see during the Champions Trophy 2017 final, there was a social media war. I was so happy to play such an unbelievable spell.