Lyft's total evaluation is now up to $11 billion.
Although Uber might have been first to market, Lyft is rapidly making a name for itself in the ride-sharing industry. The through its official blog that Alphabet's CapitalG investment arm is leading the company's latest $1 billion investing run, and because of this, Lyft is now valued at a total of $11 billion.
This is a huge step for Lyft, and the fact that it's working this closely with Alphabet is truly fascinating. Lyft and Waymo (Alphabet's self-driving car division) struck up a partnership earlier in May, and Alphabet choosing to lead Lyft's campaign in raising $1 billion reiterates Alphabet's dedication to remaining on as much of Lyft's good side as it can.
What's also interesting about this deal is that CapitalG was a backer for Uber early on in the company's life. However, with Uber and Waymo currently at each others' necks, the relationship between Uber and Alphabet is likely pretty shaky.
Along with this increase in funds, Lyft also announced that it's expanded its service to 95% of United States residents – up from 54% at this point at the beginning of the year.
Lyft also points out in its blog post that less than 0.5% of the U.S. population actually uses ride-sharing services, meaning that room for growth is substantial.
Although Uber might have been first to market, Lyft is rapidly making a name for itself in the ride-sharing industry. The through its official blog that Alphabet's CapitalG investment arm is leading the company's latest $1 billion investing run, and because of this, Lyft is now valued at a total of $11 billion.
This is a huge step for Lyft, and the fact that it's working this closely with Alphabet is truly fascinating. Lyft and Waymo (Alphabet's self-driving car division) struck up a partnership earlier in May, and Alphabet choosing to lead Lyft's campaign in raising $1 billion reiterates Alphabet's dedication to remaining on as much of Lyft's good side as it can.
What's also interesting about this deal is that CapitalG was a backer for Uber early on in the company's life. However, with Uber and Waymo currently at each others' necks, the relationship between Uber and Alphabet is likely pretty shaky.
Along with this increase in funds, Lyft also announced that it's expanded its service to 95% of United States residents – up from 54% at this point at the beginning of the year.
Lyft also points out in its blog post that less than 0.5% of the U.S. population actually uses ride-sharing services, meaning that room for growth is substantial.