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ISSUE – Oct. 20 | Lyft raises $1 billion at $11 billion valuation led by Alphabet’s CapitalG

Ride-hailing company Lyft has raised a new $1 billion funding round, putting its post-money valuation at $11 billion total. The round was led by Alphabet’s CapitalG, its growth-focused investment fund, and CapitalG partner David Lawee will join Lyft’s board as part of the transaction.

Lyft shared the news in an official blog post, and noted that it has run over 500 million rides to date, and expanded its coverage in the U.S. to 95 percent of the population, which is up from just 54 percent at the start of 2017. [ Tech Crunch ]

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