Google parent Alphabet is the lead investor in a $1 billion
funding found for ride-hailing service Lyft.
Alphabet's CapitalG investment fund will spearhead the
funding, which will value Lyft at $11 billion, Lyft wrote in a blog post on
Thursday. Lyft didn't disclose how much of that $1 billion was funded by
CapitalG, whose partner David Lawee will join Lyft's board.
"While we've made progress towards our vision, we're
most excited about what lies ahead," Lyft wrote in the blog post. "The
fact remains that less than 0.5% of miles traveled in the U.S. happen on
rideshare networks. This creates a huge opportunity to best serve our cities'
economic, environmental, and social futures.
Closely held Lyft, founded in 2012, continues to grow as it
competes against the much larger Uber. That company has been valued at as much
as $60 billion.
Lyft this year has broadened its availability to 95% of the
U.S. population from 54% by adding its service in more rural areas.