Lyft, the global transportation network company, raised $1 billion in financing.
The round was led by CapitalG — Alphabet’s growth investment fund. In conjunction with the funding, CapitalG Partner David Lawee is joining Lyft’s Board.
This brings post-money valuation of the company to $11 billion. Earlier this month, Lyft completed its 500 millionth ride with the service now available to 95% of the U.S. population — up from 54% at the beginning of the year.
Founded in 2012 by Logan Green and John Zimmer, Lyft develops, markets and operates the Lyft car transportation mobile app operating in approx. 350 U.S. cities.