Alphabet invests $1 billion in Lyft

Lyft operates along the Puget Sound from Tacoma to Arlington as well as Bellingham Wenatchee and Spokane

The company announced through its official blog that Alphabet's CapitalG investment arm is leading the company's latest $1 billion investing run, and because of this, Lyft is now valued at a total of $11 billion.

Alphabet's self-driving vehicle unit, Waymo, confirmed earlier this year it would partner with Lyft on a self-driving auto project.

It is near an agreement with SoftBank for the Japanese company to invest as much as $10 billion, buying some new stock at the almost $70 billion valuation touted during Uber's last fund-raising but also a larger amount of existing shares at a value closer to $50 billion, according to news reports. Any attempt to move into global markets would likely be a rather costly endeavor for Lyft that the investment from Alphabet could potentially help foot.

CapitalG partner David Lawee will join Lyft's board as part of the deal.

Three dead, two critically wounded in Maryland shooting
Prince is considered to be armed and unsafe , officials said , and he has a criminal history although officials did not elaborate. A number of industrial buildings and hotels are located in the area of the shooting, about 25 miles north of Baltimore.

Alphabet has led a $1bn investment in ride-hailing app Lyft, a United States rival to Uber. Uber has the scale, but Lyft's less aggressive approach is paying off.

Original story (9/15): Uber-rival Lyft may soon be getting a huge infusion of cash from Google parent company Alphabet.

Initially, Alphabet teamed up with Uber. Microsoft invested in Facebook. Uber executives scoffed privately that Lyft was only worth $2 billion in 2016. Six months ago, Lyft raised $600 million from a conglomeration of investors. Ride-hailing supremacy in the still up for grabs, with Alphabet placing its latest bet on Lyft, while SoftBank backs Uber.

Both companies are betting the ride-hailing market will continue to expand dramatically and move beyond the largest cities by weaving itself into the transportation fabric of America's heartland.

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