Alphabet Unit Leads $1 Billion Investment in Lyft
- Deal, led by Alphabet’s CapitalG, values Lyft at $11 billion
- CapitalG’s Lawee joins Lyft board as part of investment
Alphabet Funding Pushes Lyft Value to $11 Billion
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Lyft Inc. raised $1 billion in a deal that values the ride-sharing startup at $11 billion, steps up competition with rival Uber Technologies Inc. and builds ties with internet giant Alphabet Inc.
The new money will help Lyft doubling down on the U.S. market, where it has made gains against Uber but still lags its rival. 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.