journey-hailing business Lyft has raised a brand new $ 1 billion funding circular, putting its submit-funds valuation at $ eleven billion total. The circular became led by means of Alphabet’s CapitalG, its boom-concentrated investment fund, and CapitalG accomplice David Lawee will be part of Lyft’s board as part of the transaction.
Lyft shared the information in an reputable weblog put up, and cited that it has run over 500 million rides up to now, and extended its insurance within the U.S. to 95 percent of the population, which is up from just fifty four p.c in the beginning of 2017.
Lyft raised $ 600 million at a $ 7.5 billion valuation in April this yr, with investment from new companions including Canada’s public worker pension fund. The company changed into suggested to be raising a brand new $ 1 billion circular, with Alphabet involved, again in September.
Alphabet’s GV early funding fund invested early in Uber, which makes this extra exciting. but relations between Uber and Google’s dad or mum business have probably soured in general now that Alphabet’s Waymo self-riding enterprise is engaged in an ongoing legal fight with Uber over allegedly stolen change secrets and techniques regarding LiDAR tech.
Lyft has a self-driving partnership in place with Waymo, too – the enterprise introduced the alliance returned in might also, round its open platform for self reliant automobile know-how.
Fundings & Exits – TechCrunch