Lyft raises $1 billion led by Alphabet’s CapitalG at an $11 billion valuation

Lyft today announced it has raised $1 billion, lifting the company’s valuation to $11 billion, up from $7.5 billion this spring. The funding round was led by Alphabet investment fund CapitalG, and follows $600 million in funding the ride-sharing app raised in April.

CapitalG partner David Lawee will join Lyft’s board, the company said in a blog post today.

The investment comes as Lyft begins to consider expansion outside the United States. Last month, just days after Uber lost its taxi license in London, Reuters reported that Lyft executives met with city transportation officials.

Lyft passed the 500 million ride mark earlier this month, and now serves 95 percent of the U.S. population, up from 54 percent earlier this year.

Autonomous vehicles initiatives are also gearing up, as Lyft partnered with Alphabet’s Waymo on self-driving cars this spring, and with Ford’s initiative to put self-driving cars on city roads by 2021.

CapitalG, formerly Google Capital, is also an investor in Stripe, Airbnb, and Uber.

Following investigations, turmoil, and the ousting of Travis Kalanick, Lyft’s chief rival Uber selected Dara Khosrowshahi as its CEO in August.