Lunes, 22 Octubre, 2018

Lyft Raises $1 Billion in Round Led by Alphabet's CapitalG

Lyft co-founder Logan Green CapitalG partner David Lawee and Lyft co-founder John Zimmer    
   Lyft Lyft co-founder Logan Green CapitalG partner David Lawee and Lyft co-founder John Zimmer Lyft
Eloisa Felix | Octubre 22, 2017, 00:57

Alphabet, Google's parent company, has led a $1 billion round of investment into Lyft, the ridesharing company announced on Thursday. "Better FY18 guidance, pricing power and pace of innovation reminds us how good a business Adobe is", praised RBC Capital Markets analysts, who raised their price target to $177 from $157 and maintained an outperform rating.

Lyft said the latest round boosts its valuation to $11 billion from $7.5 billion.

Lyft has gained market share in the US this year as Uber suffered from executive turnover and self-inflicted wounds, including a protest over the company's ties to the Trump administration.

Lyft is a distant No. 2 to Uber among ride-hailing services in the United States, and the two companies are bitter rivals.

Alphabet has ties to larger Lyft rival Uber Technologies through its second investment arm, GV. The high-profile legal battle is scheduled to go to trial in early December and, if Waymo prevails, could cost Uber billions of dollars in damages and derail its efforts to build its own fleet of self-driving cars.

It also has ties with car maker General Motors, which has invested $500m.

That's partly because Lyft was not given as much control over the in-car experience as the companies initially thought would be possible, several sources told Recode.

In August, Uber's new CEO, Dara Khosrowshahi, set a new tentative timeline for Uber's IPO of between 18 and 36 months.

Lyft has also flirted with international expansion, while Uber already operates in more than 70 countries.

Born out of that initial, exploratory relationship was Lyft's new self-driving strategy.

Lyft seized the moment, donating to the American Civil Liberties Union and issuing a string of progressive political statements.