CapitalG — Alphabet’s growth investment fund — is leading a $1 billion financing round in Lyft. This brings Lyft’s post-money valuation to $11 billion.  CapitalG Partner David Lawee, will be joining Lyft’s Board.

2017 has been an important year for the Lyft community. Earlier this month, we completed a 500 millionth ride and our service is now available to 95% of the U.S. population — up from 54% at the beginning of the year.

The fact remains that less than 0.5% of miles traveled in the U.S. happen on rideshare networks. This creates a huge opportunity

This article first appeared on blog.lyft.com