The on-demand taxi service provider Lyft has raised another $1 billion in a new funding round led Alphabet’s growth-focused investment fund CapitalG — bringing the company’s post-money valuation up to $11 billion.
Notably, as a result of the new funding round, CapitalG partner David Lawee will reportedly be joining Lyft’s board of directors.
This news follows on a number of other recent funding rounds in recent years that have seen the company in many ways leapfrog its top competitor Uber, and rapidly expand service to cover much of the US.
Tech Crunch provides more: “Lyft shared the news in an official blog post, and noted that it has run over 500 million rides to date, and expanded its coverage in the US to 95% of the population, which is up from just 54% at the start of 2017.”
“Lyft raised $600 million at a $7.5 billion valuation in April this year, with investment from new partners including Canada’s public employee pension fund. The company was reported to be raising a new $1 billion round, with Alphabet involved, back in September.”
“Alphabet, the parent company of Google, was an early investor in Uber, but that relationship soured when Waymo, the division of Alphabet that is focused on developing self-driving cars, sued Uber, claiming it had taken advantage of proprietary information illegally obtained by Anthony Levandowski,” Gas2 notes.
“Waymo says Levandowski downloaded thousand of pages of documents on his way out the door in late 2015 and that he used that information to form Otto, a startup that specialized in self-driving software for long-haul trucks. Uber acquired Otto shortly thereafter and allegedly used the documents purloined by Levandowski to further its own autonomous driving program.”
Something else to note here, of course, is that Lyft fairly recently (in May) entered into a development and testing partnership with Alphabet’s self-driving vehicle tech firm Waymo — which is the end result of Google’s long-term development of autonomous vehicle tech, which began many years ago now.