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Josh Edelson / AP

Google parent company Alphabet today announced that it has led a $1 billion in ride-hailing company Lyft at an $11 billion post-money valuation, one month after Axios first reported that the two companies were in talks. The investment came via CapitalG, Alphabet's growth equity unit, with CapitalG partner David Lawee joining Lyft's board of directors.

Why it matters: Alphabet was an early investor in Lyft rival Uber via its Google Ventures unit, but since has become a legal antagonist.

Via Lawee: "Ridesharing is still in its early days and we look forward to seeing Lyft continue its impressive growth."

Stats: Lyft reports that it is giving around one million rides per say, and so far has given more rides in 2017 than in all prior years combined. It also claims to be available to 95% of the U.S. population, including state-wide coverage in 41 states.

Up round: Lyft received a $7.5 billion post-money valuation after raising $650 million in venture funding earlier this year led by Japan's Rakuten. It is not commenting on what other investors participated in the new, CapitalG-led round.

Price point: The Information last summer reported that General Motors had expressed interest in buying Lyft at $6 billion, but that the ride-hail company was holding out for $9 billion (i.e., $2b less than the new valuation). GM was, and remains, a Lyft investor.

Next: This deal certainly raises questions about whether Google Ventures will sell some or all of its Uber shares into a large secondary tender being prepared by Japan's SoftBank.

GV spokesperson: "GV and CapitalG each run entirely independently, and we each make our own investment decisions. Like any other VC on Sand Hill Road, this means that sometimes we co-invest, and sometimes we back competitors."

Go deeper

Updated 6 mins ago - Politics & Policy

Franklin Graham worries Trump too old to run in 2024

Graham and Trump at a rally in 2017. Photo: Ralph Freso/Getty Images

The Rev. Franklin Graham says a potential 2024 presidential bid by Donald Trump would "be a very tough thing to do," the prominent Christian leader told "Axios on HBO."

Why it matters: Graham, the president of the Billy Graham Evangelistic Association and Samaritan's Purse, was among Trump's earliest and most prominent evangelical defenders.

7 mins ago - Axios on HBO

Cameo CEO says he would let Trump join platform

Cameo CEO Steven Galanis doesn't want the app he built to be used explicitly for politics, but said he would allow former President Trump on the platform.

  • "Trump has done nothing on our platform to violate our terms of service," Galanis says in an interview with "Axios on HBO" that aired Sunday.

Why it matters: Cameo's approach is different than some of its Big Tech peers.

Off the Rails

Episode 9: Trump's war with his generals

Photo illustration: Sarah Grillo/Axios. Photo: Alex Wong/Getty Images

Axios' "Off the rails" series documents the end of the Trump administration, from election night 2020 through the Jan. 6 siege of the U.S. Capitol.

One important piece is only now beginning to emerge: Former President Donald Trump's last-minute bid to pull U.S. forces from Afghanistan and swaths of the Middle East, Africa and even Europe ahead of Joe Biden's inauguration — and why he blinked.

John McEntee, one of Donald Trump's most-favored aides, handed retired Army Col. Douglas Macgregor a piece of paper with a few notes scribbled on it. He explained: "This is what the president wants you to do."

1. Get us out of Afghanistan.

2. Get us out of Iraq and Syria.

3. Complete the withdrawal from Germany.

4. Get us out of Africa.