Lyft has announced that CapitalG — Alphabet’s growth investment fund — is leading a $1 billion financing round in Lyft. This brings Lyft’s post-money valuation to $11 billion. In addition, CapitalG Partner David Lawee will join Lyft’s Board.
2017 has been an important year for the Lyft community. Earlier this month, the ride-hailing company completed its 500 millionth ride and its service is now available to 95% of the US population — up from 54% at the beginning of the year.
“While we’ve made progress towards our vision, we’re most excited about what lies ahead. The fact remains that less than 0.5% of miles traveled in the US happen on rideshare networks. This creates a huge opportunity to best serve our cities’ economic, environmental, and social futures,” said Lyft in a company statement. “Thanks to our drivers, our passengers, and our team members for making this possible.”