High tech ride-sharing firm Lyft has raised $1 billion in its latest financing round courtesy of CapitalG, Alphabet’s growth investment fund.
Thanks to the latest round of funding, Lyft’s valuation comes in at $11 billion. Further cementing the partnership is CapitalG Partner David Lawee’s new position on the Lyft board.
“2017 has been an important year for the Lyft community,” the company wrote in a blog post. “Earlier this month, we completed our 500 millionth ride and our service is now available to 95 percent of the U.S. population — up from 54 percent at the beginning of the year.”
Alphabet’s investment in Lyft should come as no surprise. Waymo, Alphabet’s self-driving car company, and Lyft officially teamed up this spring in a bid to bring autonomous vehicles to market. It was announced at that time that the companies would work together on self-driving “pilot projects and product development efforts.”
Waymo, the self-driving car company that came out from under Google’s umbrella last year, is known for forging partnerships with like-minded companies as it rushes toward its goal of being the first firm to bring autonomous vehicles to the consumer market.
The firm is already working with Fiat-Chrysler and, as of December, was in talks with Honda about partnering to produce autonomous vehicles as well.