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Lyft gets $1 billion investment, led by Google’s parent company

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By Tracey Lien

Los Angeles Times

(TNS)

SAN FRANCISCO — In the topsy-turvy world of tech, an investor can fund a company one minute and sue it the next. It can also turn around and fund a competitor, which is what Google’s parent company did when it announced Thursday that its growth equity fund led a $1-billion investment in Lyft, four years after its venture capital arm invested in Uber.

The injection of cash increased Lyft’s valuation to $11 billion, up from around $7.5 billion in April when it last raised $500 million from unnamed investors, and up further still from its $5.5-billion valuation last year.

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Lyft gets $1 billion investment, led by Google’s parent company