Google parent leads Lyft's $1 billion funding round

Lyft co-founder Logan Green CapitalG partner David Lawee and Lyft co-founder John Zimmer    
   Lyft

The new funding round gives Lyft a cash infusion to compete with Uber, which has been reeling from a series of scandals and executive turnover in 2017. That company has been valued at as much as $60 billion.

Lyft and Alphabet already have a relationship through a partnership Lyft struck with Waymo, Alphabet's self-driving auto unit, in May.

"This creates a huge opportunity to best serve our cities" economic, environmental, and social futures'. "Earlier this month, we completed our 500 millionth ride and our service is now available to 95 per cent of the USA population - up from 54 per cent at the beginning of the year", the company said in a blog post.

Reuters in September reported investment talks between the companies.

Alphabet is also a shareholder in Uber Technologies, Lyft's largest rival, through its investment arm GV.

The cost of being president: Forbes 400 shows Donald Trump's wealth drops
Amazon's chief Jeff Bezos held on to the second position for the second consecutive year, with a net worth of $81.5 billion. According to Forbes , the White House did not immediately respond to a request for comment on Trump's ranking.

This is not yet a done deal and the report notes it "may not come together", so we'll just have to wait and see what happens.

Google was an early investor in Uber, but has had a complicated and stormy relationship with the embattled ride-hailing company, including a lawsuit alleging that a former Google executive stole self-driving auto technology and brought it to Uber. In addition to the latest round of funding, Waymo is partnering with Lyft on self-driving vehicles.

Photo Credit: Google parent company Alphabet has led a $1 billion investment in ridesharing company Lyft. In 2013, Google Ventures partners David Krane and Bill Maris poured $258 million into Uber, a stake reportedly worth about 7 percent of the company at the time.

Meanwhile, Lyft has a number of other big-name investors in its corner, including Jaguar Land Rover and GM.

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