CapitalG, the growth investment fund of Google parent company Alphabet, is leading a $1 billion financing round in Lyft, an announcement that confirmed rumors last month that the search engine giant was in talks with the ride-hailing company.
Google was an early investor in ride-hailing rival Uber, a company now being sued by Alphabet entity Waymo. But it’s never put money into Lyft. Neither company would name other investors in the round.
The investment puts Lyft’s post-money valuation at $11 billion. CapitalG partner David Lawee is joining Lyft’s board. CapitalG began in 2013 as Google Capital. The growth equity investment fund changed its name in 2016 following Google’s creation of parent company Alphabet.
Read more at Fortune.