Lyft announces $1 billion funding round led by Google investment fund


Lyft also points out in its blog post that less than 0.5% of the US population actually uses ride-sharing services, meaning that room for growth is substantial.

Alphabet also has ties to Uber through its second investment arm, GV, which backs young startups. The company was reported to be raising a new $1 billion round, with Alphabet involved, back in September. It's already clear that Alphabet is interested in self-driving cars, as the company owns Waymo. Six months ago, Lyft raised $600 million from a conglomeration of investors.

Lyft Inc has raised $1 billion in fresh financing, the ride-services company said on Thursday, in a round led by one of Alphabet Inc's investment funds, further complicating the convoluted world of ride-hailing alliances and dealing a blow to rival Uber Technologies Inc. David Lawee, a partner at CapitalG, will join Lyft's board. Lyft last week said that its drivers will use Google Maps for in-app navigation. Google was an early investor in Uber, but now a self-driving auto company that it created is suing Uber for alleged theft of trade secrets. In February, Google self-driving vehicle company Waymo sued Uber for intellectual property theft and patent violations; the trial, which is set to start December 4 and is expected to last for two weeks, could result in a multi-billion dollar judgment.

David Drummond, an SVP at Alphabet, left Uber's board in 2016 citing "the overlap between the two companies". As Axios's Dan Primack reports, Uber's most recent formal report placed its valuation around $60 billion, but SoftBank originally proposed pricing Uber as low as $50 billion.

'Horrific:' 2 children killed in stabbing, allegedly by brother
He allegedly bought a knife several months ago with the plan of killing his entire family and burying the bodies in the backyard. Colorado Springs police are not releasing the name of the two arrested but did say they are both 16. "They were great.

"This thing likely goes up from here", Maris said.

Uber, meanwhile, is trying to rebound from a series of scandals that exploded in early 2017, when a former engineer for the company wrote a blog post detailing her experiences with sexual harassment and retaliation there, and which continued even after Kalanick's exit.

This funding round may delay Lyft's IPO plans, as the capital will allow Lyft to continue growing its business privately.