Alphabet's CaptialG is leading Lyft's $1 billion investment run
Alphabet's CaptialG is leading Lyft's $1 billion investment run
Google invests $1 billion in Lyft
20 October, 2017, 01:02
The funding marks a major shift in Alphabet's allegiances away from Uber, and suggests a tighter pairing of its Waymo autonomous vehicle technology with Lyft's transportation network.
The falling out dates back to a year ago when Kalanick became convinced that Waymo meant to deploy its robotic cars in a rival ride-hailing service.
One of Google parent Alphabet's (GOOGL) venture arms is the lead investor in a $1 billion financing round for ride-hailing service Lyft as ties between the companies grow amid Google's legal battle with Uber Technologies.
The influx of capital has the potential to further boost Lyft's momentum in the US while Uber tries to recover from a year full of PR crises, executive changes and legal scrutiny.
Lyft's total evaluation is now up to $11 billion.
Lyft has been growing its cash cushion to take on Uber.
Oklahoma granted REAL ID extension through October 2018
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Over the past few years, Uber and Lyft have poured money into subsidies and other short-term stimulants of market share growth. Uber began heavily recruiting Google employees for a number of divisions within the company and Google chief legal officer David Drummondstepped down from Uber's board previous year as the two companies began racing to develop autonomous auto technology.
Lyft said the new funding gives it a valuation of $11 billion as it steps up competition against Uber, reeling from a series of missteps and scandals which have forced out its founder and chief executive.
Reuters in September reported investment talks between the companies. This year Waymo sued Uber, alleging trade secret theft, in a case that is set to go to trial in December.
David Drummond, an SVP at Alphabet, left Uber's board in 2016 citing "the overlap between the two companies".
Lyft and Alphabet already have a relationship through a partnership Lyft struck with Waymo, Alphabet's self-driving auto unit, in May.
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