Google's capital investment fund, CapitalG, said it will add to the $500 million in recent financing that ride-hailing Lyft announced Tuesday. The company received $1 billion last October.
New investors include Fidelity Management & Research Company and Ontario Teachers’ Pension Plan. Existing investors have also returned, such as AllianceBernstein, Baillie Gifford, KKR, Janus Henderson Investors, and Rakuten, which also owns Ebates.
Google also invested early on with Lyft's rival Uber -- sued by Alphabet, Google's parent company, for "trade misappropriation."
"This financing, led by CapitalG, will bring Lyft’s post-money valuation to $11.5 billion," the company said.
CapitalG partner David Lawee will join Lyft’s board.
Lyft began offering physical gift cards this month and available for purchase in more than 600 participating grocery stores in the San Francisco Bay area, Los Angeles, the Columbus area and on Amazon. Safeway, Kroger, Albertson's, and other grocery stores will carry the cards.
“It’s been a breakout year for Lyft, made possible by our team members, drivers and passengers,” stated John Zimmer, Lyft co-founder and president. “We will continue to invest in our community and look forward to an even bigger 2018.”
One thing the two companies have not mentioned is the way Lyft could capitalize on Alphabet's self-driving car technology. In May 2017, reports surfaced that the companies were working on self-driving car technology, but few details have been shared since.