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Lyft says Alphabet leads latest $1 billion round of funding

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Lyft says Alphabet leads latest $1 billion round of funding

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(Reuters) – Uber rival Lyft said on Thursday Capital G, the growth investment fund of Google parent company Alphabet Inc, led a $1 billion (£757.8 million) round of financing, boosting the valuation of the ride-hailing service to $11 billion. The company already received an investment from GM but it looks like Lyft is shifting more to Alphabet, which has its own autonomous car development platform Waymo. Lyft also said that CapitalG partner David Lawee will be joining the company’s board. (http://lft.to/2zB1NCw)

(Reporting by Arjun Panchadar in Bengaluru; Editing by Bernard Orr)
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