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Yesterday, it was announced that CapitalG — Alphabet’s growth investment fund formerly known as Google Capital — is leading a $1 billion financing round in Lyft. This brings Lyft’s post-money valuation to $11 billion. CapitalG Partner David Lawee will also be joining Lyft’s Board.  

2017 has been an important year for the ride-sharing company, Lyft. Earlier this month, Lyft completed their 500 millionth ride and are now offering service to 95% of the U.S. population — up from 54% at the beginning of the year. Lyft remains a distant second to Uber, both in terms of market share and valuation.

The latest funding round values Lyft at $11 billion, up from a $7.5 billion valuation in April. Uber, by comparison, was last valued at $70 billion. It’s also close to raising what could be more than $1 billion from SoftBank, a Japanese conglomerate.

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