Google parent leads $1B Lyft investment, deepening Uber rift

20 October, 2017, 00:59 | Author: Brenda Erickson
  • Alphabet just backed Lyft, a US rival to Uber, in a $1bn funding round

The company announced through its official blog that Alphabet's CapitalG investment arm is leading the company's latest $1 billion investing run, and because of this, Lyft is now valued at a total of $11 billion.

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

Lyft has been expanding in the United States market as Uber's image has taken a hit in recent months.

Bloomberg previously reported Alphabet was considering a $1 billion investment.

Lyft is close to hiring an initial public offering advisory firm, the first concrete step by the company to become publicly listed.

Here's Why Khloe Kardashian Gave Kourtney Kardashian A Butt Massage On 'KUWTK'
On Sept. 22, it was revealed that Kylie Jenner , the youngest of the Kardashian-Jenner siblings, is also allegedly pregnant. We all remember just how traumatic that was for Kim , so this is kind of a big deal.

The deal calls for CapitalG Partner David Lawee to join Lyft's board.

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.

But Maris and other Uber investors are conflicted, saying the company still has the potential to be worth $100 billion or more. The Alphabet arm poured $258 million into Uber back in 2013. Current shareholders aren't likely to approve that deal, but it suggests that Uber might be overvalued just as its biggest domestic competitor is building momentum.

Interestingly enough, CapitalG is also an early investor in Uber. Microsoft invested in Facebook. Ride-hailing supremacy in the U.S.is still up for grabs, with Alphabet placing its latest bet on Lyft, while SoftBank backs Uber. Lyft's new capital infusion follows a $600 million funding round in April.

Both companies are betting the ride-hailing market will continue to expand dramatically and move beyond the largest cities by weaving itself into the transportation fabric of America's heartland.

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