Google owner Alphabet leads $1bn funding round for Uber rival Lyft

Sticker for Lyft on the back of a Lyft ridae sharing vehicle in the Silicon Valley town of Santa Clara California

Sticker for Lyft on the back of a Lyft ridae sharing vehicle in the Silicon Valley town of Santa Clara California

The Google owner is also linked to Uber after a second investment arm, GV, backed it in 2013 - but that was before Uber began to develop autonomous cars, in direct competition to Alphabet.

The deal brings Lyft's valuation to $11 billion; it was last valued at $7.5 billion in April, and has now raised a total of $3.6 billion.

The big investment comes as Uber and Google's Waymo are embroiled in fierce litigation over intellectual property.

The investment represents a further complication in the tangled web of alliances in the sector.

Lyft said, "We're also excited to work with CapitalG Partner David Lawee, who is joining Lyft's Board".

Lyft reports that it is giving around one million rides per say, and so far has given more rides in 2017 than in all prior years combined.

Adding to the intrigue and complexity of the situation is Lyft's relationship with General Motors.

With both Alphabet and Lyft researching self-driving car technology, the partnership makes sense for both sides. GM, for its part, is building out its own ride-hail app in parallel to its self-driving software development. Lyft is currently in an expansion mode in the U.S.

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