Lyft Receives $1 Billion Investment from Google’s Parent Company
Sad news after sad news for Uber. Lyft just received an enormous amount of financial support from CapitalG, which is the investment department of Alphabet (Google’s parent company). CapitalG is going to invest $1 B in the ridesharing company, making Lyft worth $11 B. Alphabet used to massively finance Uber; however, the stolen trade secrets controversy and law suit put a strain on their relationship. Lyft hasn’t decided yet what to do with the new funding. And while the infamous Uber is still more valuable than Lyft, Lyft is definitely catching up and gradually earning market share in America. But unlike Uber, Lyft currently doesn’t operate abroad. CapitalG’s fresh funds just might pave the way for its international operation.
Read more on Motor Trend.
Photo credit: Wikimedia.
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