Lyft raises $1B in funding round led by Google parent company

Google’s parent company Alphabet has invested $1 billion in Lyft, providing a major boost to the ride-hailing firm as it looks to compete with rival Uber.

Lyft secured the latest funding round from Alphabet’s private-equity arm, CapitalG, giving the company an $11 billion post-money valuation.

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Google was an early investor in Uber, but has had a complicated and stormy relationship with the embattled ride-hailing company, including a lawsuit alleging that a former Google executive stole self-driving car technology and brought it to Uber.

Uber has suffered from a string of other controversies, including numerous federal probes, allegations of sexual harassment in the workplace and a “delete Uber” campaign that was sparked after drivers picked up passengers during a taxi strike over President Trump’s travel ban.

Uber losing its footing in a number of places — and even losing its operating license in London — has provided an opening for its competitor.

Lyft has given more rides in 2017 than in all previous years combined, and is available to 95 percent of the U.S. population, according to the company.