Lyft picks up $1 billion funding round led by Alphabet's CapitalG

Google parent company Alphabet's investment arm, CapitalG, has led a $1 billion investment round in Lyft, the companies confirmed on Thursday, raising Lyft's valuation from $7.5 billion to $11 billion. The ride hailing company says the injection of cash brings valuation to $11 billion.

The deal calls for CapitalG Partner David Lawee to join Lyft's board.

The funding marks a major shift in Alphabet's allegiances away from Uber Technologies Inc., and suggests a tighter pairing of its Waymo autonomous vehicle technology with Lyft's transportation network.

Lyft has gained market share in the USA this year as Uber suffered from executive turnover and self-inflicted wounds, including a protest over the company's ties to the Trump administration.

- Uber has also been embroiled in management turmoil, sexual harassment claims, lawsuits and U.S. Department of Justice investigations over its business practices. But this year, Lyft has closed the valuation and market-share gap.

As Uber has been plagued by woe after woe of its own making, Lyft has been quietly rising as an increasingly used alternative.

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Bloomberg previously reported Alphabet was considering a $1 billion investment.

Uber, which has a valuation of almost $70 billion, is widely expected to seal a deal for a major investment from Japan's Softbank, which could allow some stakeholders to cash out.

"Ridesharing is still in its early days and we look forward to seeing Lyft continue its impressive growth", Lawee said in a statement. Ride-hailing supremacy in the U.S.is still up for grabs, with Alphabet placing its latest bet on Lyft, while SoftBank backs Uber.

Initially, Alphabet teamed up with Uber.

'2017 has been an important year for the Lyft community.

What's also interesting about this deal is that CapitalG was a backer for Uber early on in the company's life.

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