Uber’s rival Lyft has raised $1 billion led by CapitalG, Google’s investment fund. The latest funding round values the ride-hailing company at $11 billion, the company announced. As part of the deal, CapitalG Partner David Lawee will be joining Lyft’s board.
The ride-hailing company said that the money will not only help its business, but the ride-sharing industry as a whole. “The fact remains that less than 0.5 percent of miles traveled in the US happen on rideshare networks,” the company says. “This creates a huge opportunity to best serve our cities’ economic, environmental, and social futures.”
Back in April, Lyft raised $600 million at a $7.5 billion valuation from a conglomeration of investors including Canada’s public employee pension fund.