Lyft Bulks Up With $1 Billion in Funding

The news comes at a time when competition between tech companies in the ride-hailing sector is increasing around the world.

With its investment, Google-parent Alphabet pulls closer to Lyft and gets more say in the ride-hailing company's direction. Uber has been valued at as much as $70bn.

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

'The fact remains that less than 0.5pc of miles travelled in the U.S. happen on rideshare networks. "This creates a huge opportunity to best serve our cities' economic, environmental, and social futures", the blog post reads.

The new injection of funding, which was made public on October 19, is expected to boost Lyft's growth and take advantage of Uber's current complications. "Earlier this month, we completed our 500 millionth ride and our service is now available to 95% of the USA population - up from 54% at the beginning of the year", the company said.

But the company has always been eyeing global expansion. The figure was at 54 percent at the start of this year. But according to The Information, that may not be the case.

Lyft operates only in the USA but has been looking to Canada and overseas for possible new markets, according to people familiar with the matter. CapitalG's investments typically range from $50 million to $100 million.

It seems Google parent company Alphabet has finally made a decision to burn bridges with Uber. That company is integrated into a number of Google products and services, from Google Assistant to Google Maps.

The startup on Thursday said it raised $1 billion in funding led by a venture-capital fund of Google parent Alphabet Inc., giving Lyft financial ammunition as it eyes a first-time expansion beyond the USA and broadens its driverless-car efforts. The high-profile legal battle is scheduled to go to trial in early December and, if Waymo prevails, could cost Uber billions of dollars in damages and derail its efforts to build its own fleet of self-driving cars. Waymo and Lyft also aren't complete strangers given that they had earlier announced plans to explore options to develop self-driving cars. Former chief executive Travis Kalanick has spoken out about automation being an existential issue for the firm, since he believes that the first ridesharing company to acquire workable self-driving technology will be able to undercut its competitors and gain a rapid monopoly.

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