undergroundnewsroom.com
undergroundnewsroom.com November 21, 2017


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    
   Lyft

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.

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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.



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