Google's parent company leads $1 billion investment in Lyft

Alphabet just backed Lyft, a US rival to Uber, in a $1bn funding round

Alphabet just backed Lyft, a US rival to Uber, in a $1bn funding round

Earlier this year, Waymo and Lyft formed a partnership to begin testing self-driving cars on the roads in a move that was widely seen as another attack on Uber.

The falling out dates back to a year ago when Kalanick became convinced that Waymo meant to deploy its robotic cars in a rival ride-hailing service.

Ride-hailing company Lyft has raised $1 billion in a new round of funding led by Google's CapitalG, the tech giant's growth-focused investment fund.

Lyft has gained market share in the USA this year as Uber suffered from executive turnover and self-inflicted wounds, including a protest over the company's ties to the Trump administration. It was last valued at almost $70 billion. Google was an early investor in Uber, but now a self-driving vehicle company that it created is suing Uber for alleged theft of trade secrets.

Lyft just secured $1 billion in a funding round led by Alphabet's investment arm, CapitalG, giving it a post-money valuation of $11 billion.

Locked in embrace: Fil-Am hiker and friend found dead
The couple disappeared while hiking in the area on July, sparking massive searches led by Joseph's dad Gilbert Orbeso. Deputies from the Morongo Basin Station were at the location late Sunday, said department spokeswoman Jodi Miller.

CapitalG partner David Lawee will join the company's board, Lyft said, bringing it to a total of 10 directors. The deal brings Lyft and Alphabet closer together in order to tackle their main rival, Uber, which is now weathering a bit of a storm due to various scandals.

The deals come as Waymo accuses Uber of using autonomous technology that allegedly was stolen by an ex-Google engineer.

Alphabet also has ties to Uber through its second investment arm, GV.

Google served as an early and powerful ally for Uber by investing a large sum, getting one of its top execs on the startup's board and promoting the app in Google Maps. Those tensions prompted one of Google's top executives, David Drummond, to resign from Uber's board a year ago.

Outwardly, Google's new cash infusion into Lyft is a strategic investment, but it may also be fueled by spite.

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