Lyft Raises $1 Billion from Alphabet Investment Fund

Lyft Raises $1 Billion from Alphabet Investment Fund

Lyft Raises $1 Billion from Alphabet Investment Fund

Dara Khosrowshahi rushes to clean up the messes left by his aggressive, rule-bending predecessor Travis Kalanick, he also faces an increasingly formidable challenge in Lyft, the smaller, friendlier ride-sharing upstart that Uber repeatedly tried to sabotage.

Alphabet, which is based in Mountain View, California, has also emerged as a thorn in Uber's side, even though Google was among Uber's early investors and still holds a stake in the company.

Google was an early investor in Uber, but has had a complicated and stormy relationship with the embattled ride-hailing company, including a lawsuit alleging that a former Google executive stole self-driving auto technology and brought it to Uber. But this year, Lyft has closed the valuation and market-share gap.

CapitalG partner David Lawee will join Lyft's board as part of the deal.

Alphabet, the parent company of Google, is leading a $1 billion investment round in Lyft, the two companies announced Thursday.

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Spokespeople for Lyft and Alphabet have said the latest investment will not have any bearing on the Waymo partnership. 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. This year Waymo sued Uber, alleging trade secret theft, in a case that is set to go to trial in December.

Last year, Alphabet executive David Drummond stepped down from the Uber board.

"It is another punch by Alphabet at Uber", said Erik Gordon, an entrepreneurship expert at the University of Michigan's Ross School of Business. As Axios's Dan Primack reports, Uber's most recent formal report placed its valuation around $60 billion, but SoftBank originally proposed pricing Uber as low as $50 billion.

Lyft is close to hiring an initial public offering advisory firm, in the first concrete step by the company to become publicly listed, Reuters reported in September.

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