Alphabet's CapitalG leads Lyft's $1 bln funding round

20 October, 2017, 01:00 | Author: Marjorie Miles
  • Sticker for Lyft on the back of a Lyft ridae sharing vehicle in the Silicon Valley town of Santa Clara California

"The fact remains that less than 0.5% of miles traveled in the US happen on rideshare networks", said the company in its post.

In 2013, Google invested $258 million in Uber through a different venture capital arm called Google Ventures, which was later rebranded under Alphabet as GV. It's also close to raising what could be more than $1 billion from SoftBank, a Japanese conglomerate.

The news isn't all that surprising considering Alphabet's self-driving auto unit Waymo in May announced a partnership with Lyft to bring autonomous vehicle technology to the masses.

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U.S. ridesharing giant Lyft announced Thursday it has received a $1 billion investment led by the venture arm of Google parent Alphabet, to help ramp up its challenge to market leader Uber. The $1 billion Lyft secured in funding on Thursday follows a $600 million funding round in April.

CapitalG partner David Lawee will join the company's board, Lyft said, bringing it to a total of 10 directors. The two companies are collaborating on bringing autonomous vehicle technology to market, but have not provided many details. Last year, Alphabet executive David Drummond stepped down from the Uber board as the relationship soiled.

The deals come as Waymo accuses Uber of using autonomous technology that allegedly was stolen by an ex-Google engineer.

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Uber, which has a valuation of almost $70 billion, is widely expected to seal a deal for a major investment from Japan's Softbank, which could allow some stakeholders to cash out.

But Maris and other Uber investors are conflicted, saying the company still has the potential to be worth $100 billion or more.

"2017 has been an important year for the Lyft community", the company wrote in a blog post.

Amazon head Roy Price resigns amid sexual harassment allegation
Television producer Isa Hackett alleged Price sexually harassed her in a report published by The Hollywood Reporter . Since Price's suspension last week, it appeared to be a foregone conclusion that he would not return to Amazon .

This funding round may delay Lyft's IPO plans, as the capital will allow Lyft to continue growing its business privately.


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