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Google invests $1 billion in Lyft

20 October 2017, 01:01 | Yvette Williams

Mary Catherine Wellons | CNBC John Zimmer

John Zimmer

Alphabet's growth investment arm, CapitalG, led the round, and David Lawee, a partner at CapitalG, will join Lyft's board, the startup said Thursday in a blog.

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.

The ride-hailing company, Lyft, has received a $1 billion investment from Alphabet's growth investment fund - CapitalG.

Lyft has gained market share in the USA this year as Uber suffered from executive turnover and self-inflicted wounds, including a protest over the company's ties to the Trump administration.

Lyft remains a distant second to Uber, both in terms of market share and valuation.

Lyft's total evaluation is now up to $11 billion. The investment values the ride-hailing giant at $11 billion.

Alphabet, which is based in Mountain View, California, has also emerged as a thorn in Uber's side, even though Google was among Uber's early investors and still holds a stake in the company.

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The relationship began to crumble as Uber invested in self-driving cars, a key area of interest for Google, and Google began to experiment with ride-sharing, Uber's bread and butter.

Reuters in September reported investment talks between the companies.

Original story (9/15): Uber-rival Lyft may soon be getting a huge infusion of cash from Google parent company Alphabet.

Last year, Alphabet executive David Drummond stepped down from the Uber board.

Lyft has a self-driving partnership in place with Waymo, too - the company announced the alliance back in May, around its open platform for autonomous vehicle technology. This year, the two companies have faced off in court over allegations Uber used self-driving auto technology stolen by a former Google employee.

Google has made a decision to take a Lyft.



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