Alphabet is leading a $1 billion round in Lyft that values the company at $11 billion – Recode – All

David Lawee, a partner at Alphabet’s investment arm CapitalG, is joining the board. Alphabet — Google’s parent company — was one of Uber’s first big investors. Now it’s putting a big chunk of money into Uber’s chief U.S. rival, Lyft, leading a $1 billion financing round in the ride-hail company via its growth investment arm, CapitalG.
The deal brings Lyft’s valuation to $11 billion; it was last valued at $7.5 billion in April, and has now raised a total of $3.6 billion. As part of the investment, CapitalG partner David Lawee will join Lyft’s now 10-person board.

Alphabet’s investment in Lyft wasn’t a question of necessity for the five-year-old ride-hail player, sources say. The company, which recently gave its 500 millionth ride, has previously said it’s on track to be profitable by 2018. The company also saw a flurry of interest from automakers in investing in the company, several sources told Recode...

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