Alphabet just backed Lyft in a $1bn funding round

Alphabet has led a $1bn investment in ride-hailing app Lyft, a US rival to Uber.

The massive fundraising comes from the tech giant's growth investment fund CapitalG and the fresh cash puts Lyft's valuation at $11bn.

"2017 has been an important year for the Lyft community. Earlier this month, we completed our 500 millionth ride and our service is now available to 95 per cent of the U.S. population – up from 54 per cent at the beginning of the year," the company said in a blog post.

"While we’ve made progress towards our vision, we’re most excited about what lies ahead. The fact remains that less than 0.5 per cent of miles travelled in the US happen on rideshare networks. This creates a huge opportunity to best serve our cities’ economic, environmental, and social futures."

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