Lyft raises $1 billion in funding round led by Google’s venture arm

Lyft announced an impressive new funding round of $1 billion led by CapitalG, Google’s venture arm. The latest cash infusion values the ride-hailing service at $11 billion, the company announced. As part of the deal, CapitalG Partner David Lawee will be joining Lyft’s board.

The financing news comes at a time when Lyft continues to profit off of the stumbles of its primary rival, Uber. In July, it was reported that Lyft’s gross bookings, the revenue earned by its drivers, grew by about 25 percent to $1 billion in the second quarter of 2016 from $800 million in the previous period. That’s a faster growth rate than Uber.

Earlier this month, Lyft said that it had completed its 500…

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