Alphabet’s venture firm Capital G has announced an $1 billion investment in Uber competitor Lyft. The ride hailing company says the injection of cash brings valuation to $11 billion.
The big investment comes as Uber and Google’s Waymo are embroiled in fierce litigation over intellectual property.
Speculation that Alphabet was eying an investment in the company first arose in September. The move is particularly notable, because Alphabet’s other venture firm, Google Ventures, has invested in rival Uber.
Lyft has bee busy this year, growing its footprint to include more cities nationwide. It now covers 95% of the U.S., the company says. Lyft also took a leap into autonomous vehicles. So far the company has inked deals with GM, Ford, Drive.ai, Google’s Waymo and Nutonomy to test their autonomous vehicles on its network.