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Alphabet’s CapitalG leads $1B round in Lyft

CapitalG—Alphabet’s growth investment fund—is leading a $1-billion financing round in ride-sharing company Lyft. This brings Lyft’s post-money valuation to $11 billion.

Earlier this month, Lyft completed its 500 millionth ride; the service is now available to 95% of the US population, up from 54% at the beginning of the year.

Lyft observed that less than 0.5% of miles traveled in the US happen on rideshare networks, creating a huge opportunity.

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