Google's Venture Arm Invests In Lyft As Anti-Uber Alliance Grows
One of Google parent Alphabet's (GOOGL) venture arms is the lead investor in a $1 billion financing round for ride-hailing service Lyft as ties between the companies grow amid Google's legal battle with Uber Technologies.
XAutoplay: On | OffCapitalG, Alphabet's growth investment fund, led the financing round, Lyft said in a blog. CapitalG Partner David Lawee is joining the Lyft board.
Waymo, the autonomous-driving subsidiary of Alphabet, in May announced an alliance with Lyft, Uber's main rival. Lyft last week said that its drivers will use Google Maps for in-app navigation.
The deals come as Waymo accuses Uber of using autonomous technology that allegedly was stolen by an ex-Google engineer. A trial to decide the issue has been delayed until early December.
Lyft said the latest funding round gives it a valuation of $11 billion. Uber's valuation tops $68 billion, despite recent setbacks.
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Uber recently named former Expedia (EXPE) Chief Executive Dara Khosrowshahi as its CEO, replacing co-founder Travis Kalanick.