undergroundnewsroom.com February 20, 2018

Google Parent Making Humongous Bet On Lyft

20 October 2017, 01:02 | Jenny Fowler

Lyft co-founder Logan Green CapitalG partner David Lawee and Lyft co-founder John Zimmer Lyft

Lyft co-founder Logan Green CapitalG partner David Lawee and Lyft co-founder John Zimmer    

Uber, meanwhile, is trying to rebound from a series of scandals that exploded in early 2017, when a former engineer for the company wrote a blog post detailing her experiences with sexual harassment and retaliation there, and which continued even after Kalanick's exit.

Alphabet invested in Lyft through CapitalG, its growth equity investment arm.

Over the past few years, Uber and Lyft have poured money into subsidies and other short-term stimulants of market share growth.

Lyft also points out in its blog post that less than 0.5% of the USA population actually uses ride-sharing services, meaning that room for growth is substantial.

CapitalG partner David Lawee will join the company's board, Lyft said, bringing it to a total of 10 directors.

USA ridesharing giant Lyft announced Thursday it has received a $1 billion investment led by the venture arm of Google parent Alphabet, to help ramp up its challenge to market leader Uber.

Iran calls for NUCLEAR ACTION against United States accusing Washington of 'creating ISIS'
Iran claims it is developing nuclear weapons purely for defensive purposes. Khamenei said the world should not be fooled by Trump´s public persona.

Bodies Found In Joshua Tree May Belong To Missing OC Hikers
While scouring Joshua Tree National Park with a search team, Gilbert Orbeso routinely combed over miles of bare cliffs and boulders.

Believed Missing, 7 Injured in Louisiana Oil Rig Explosion
Police are not releasing the names of any of the victims at this time, but so far there are no reports of any fatalities. The Coast Guard will be conducting a water quality evaluation, as will the Lake Pontchartrain Basin Foundation.

Alphabet also has ties to Uber through its second investment arm, GV.

Google was an early investor in Uber, but has had a complicated and stormy relationship with the embattled ride-hailing company, including a lawsuit alleging that a former Google executive stole self-driving vehicle technology and brought it to Uber.

This is a huge step for Lyft, and the fact that it's working this closely with Alphabet is truly fascinating.

Google served as an early and powerful ally for Uber by investing a large sum, getting one of its top execs on the startup's board and promoting the app in Google Maps.

Lyft's new valuation is another black eye for Uber, which once boasted a close relationship with Mountain View. However, with Uber and Waymo now at each others' necks, the relationship between Uber and Alphabet is likely pretty shaky. Uber executives scoffed privately that Lyft was only worth $2 billion in 2016. Six months ago, Lyft raised a $600 million from a conglomeration of investors. Lyft has also flirted with global expansion, while Uber already operates in more than 70 countries.

Other News

Trending Now

Koeman relieved after Rooney penalty saves point for Everton

Saints get three defensive touchdowns to beat Lions
In fact, Caldwell said that's the priority in terms of what he wants to accomplish over the next two weeks. Ingram fumbled after a pass catch and had two third-and-short runs stopped short of a first down.

Bomb attack in Pakistan: 6 dead
He said the ongoing fight against terrorism would continue until the elimination of the last terrorist from our soil. The Tahreek-e-Taliban Pakistan (TTP) has claimed responsibility for the suicide attack on the security forces.

Wales rugby players face big decisions following new selection policy
This week the WRU announced a major change to its senior global selection policy (SPSP) for players based outside Wales. It was quite complicated. "But we will want to use him moving forward in terms of who gets the job".

N. Korea Threatens Strong Responses to S. Korea-US Joint Drills
But while the drill is usually carried out twice a year, North Korea claims that it has heightened fears of military conflict. The following day, US Deputy Secretary of State John Sullivan said direct talks with North Korea had not been ruled out.

Pat Perez opens up four-shot lead at CIMB Classic
Entering Sunday with a four-shot lead, the American fired a three-under 69 to finish on a stunning 24 under par for the week. I'm going pretty hard tomorrow (today)".

Facebook has acquired a new and unusual application
Last month, the app hit the top of Apple's free downloads chart in the App Store. Sounds like a win-win situation for Facebook and TBH .

Scaramucci Post Gives Holocaust Deniers A Voice With Offensive Tweet
Laifer followed up with additional tweets, explaining his intent with the poll and apologizing "if anyone was offended" by it. Last month, former White House Communications Director Anthony Scaramucci launched something called the Scaramucci Post .

National Football League and Players Association Issue Joint Statement Amid Protests: Nothing Resolved
He also talked about what the league can do to impact equality issues, whether that be educational or economic. Goodell said the officials, players, and owners would likely meet again within the next two weeks.

Killed, 2 Wounded In Shooting At Maryland Office Park
Major William Davis said investigators are involved in a manhunt for the suspect, who he identified as Radee Labeeb Prince. Hunt said emergency vehicles came toward them with sirens on and employees were ordered inside and to stay on a lockdown.