Lyft Raises $1 Billion from Alphabet’s CapitalG

Ride-hailing startup Lyft announced it has closed $1 billion in financing from CapitalG, Alphabet’s growth investment fund. This brings Lyft’s post-money valuation to $11 billion.

Lyft is second only to Uber as an on-demand ridesharing service. According to the company, it has just completed its 500-millionth ride earlier this year, and its ride hailing service is now available to 95 percent of the U.S. population – up from 54 percent at the beginning of the year.  

Lyft will use the proceeds to fuel its expansion initiatives.