Alphabet line up $1bn investment in Lyft

By Pouyan Broukhim

Alphabet Inc., the parent company of Google, is reportedly in talks with Uber’s main rival, Lyft Inc., over a potential $1bn investment, according to Bloomberg.

The two companies held informal talks last year, but no further action was pursued.

However, if the latest round of said informal talks are successful, investment is expected to come from either Google or Alphabet’s private equity branch, CapitalG.

See also:

The company has raised $2.5bn through investment so far, most recently securing $600mn in its latest funding round in April 2017, valuing the startup at $7.5bn. Investors included Canada’s Public Sector Pension Investment Board, Alliance Bernstein and Baillie Gifford, amongst others.

Lyft has strategically pursued controlled spending of late, but if an agreement is made, the further reported $1bn in funding would allow Lyft to more aggressively challenge Uber’s predominance in the ride hailing industry.

Alphabet is known to be an investor in Uber, however, talks with Lyft have come at a time when the relationship between the two firms has reportedly soured. Waymo, a branch of Alphabet, is suing Uber over its self-driving car technology, leading to the company later signing agreements with Lyft on the testing of autonomous vehicles.


Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI