CapitalG, the growth investment fund operated by Googles parent company Alphabet, has led a new round of funding for ride-hailing service Lyft. The new round will see $1bn (£761m) invested in the firm.

This latest investment brings Lyfts post-money valuation to $11bn, and comes just seven months after its last funding round, which brought in $600m in April. The new round will also see CapitalG partner David Lawee join Lyfts board.

Lyfts profile has been elevated over the past year as Uber has struggled with a seemingly-never-ending series of controversies, enabling the rival firm to focus on expansion.

According to Lyft, this year saw the service complete its 500 millionth ride, and it is now available to 95 per cent of the US population, up from 54 per cent at the beginning of the year.

“While weve made progress towards our vision, were most excited about what lies ahead,” said a Lyft spokesperson in a blog post announcing the funding. “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.”

The investment by CapitalG is just part of the close relationship that Alphabet has forged with Lyft. Waymo, Alphabets self-driving car company, has partnered with Lyft to develop and test its technology, and is currently locked in a legal battle with Lyfts rival Uber.

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