Lyft Gets $1 Billion to Fight Uber With Alphabet-Led Investment

Lyft operates along the Puget Sound from Tacoma to Arlington as well as Bellingham Wenatchee and Spokane

Ride-hailing company Lyft has raised $1 billion in a new round of funding led by Google's CapitalG, the tech giant's growth-focused investment fund.

Lyft and Waymo (Alphabet's self-driving vehicle division) struck up a partnership earlier in May, and Alphabet choosing to lead Lyft's campaign in raising $1 billion reiterates Alphabet's dedication to remaining on as much of Lyft's good side as it can. And back in May, Waymo and Lyft announced the two companies would work together on self-driving cars.

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.

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.

CapitalG partner David Lawee will join the company's board, Lyft said, bringing it to a total of 10 directors. In March 2016, Google built an "Uber tab" inside its Maps app. "The fact remains that less than 0.5% of miles traveled in the USA happen on rideshare networks", said the company in its post.

Bloomberg previously reported Alphabet was considering a $1 billion investment. On paper, Uber remains the far more valuable company. But the relationship fractured as Uber started working on self-driving cars in competition with Waymo.

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What's also interesting about this deal is that CapitalG was a backer for Uber early on in the company's life.

There's a long history of technology companies investing in the next generation of upstarts.

Lyft had raised $600 million at a $7.5 billion valuation in April this year.

Lyft's new valuation is another black eye for Uber, which once boasted a close relationship with Mountain View.

The ride-hailing wars just got even messier.

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