Google's parent company just led a $1 billion investment into Lyft â valuing it at $11 billion

Lyft cofounder and CEO John Zimmer. John Sciulli/Getty Images for Lyft

Lyft just raised $1 billion in a funding round led by CapitalG, the investment arm of Alphabet.

Alphabet, Google's parent company, has forged a close relationship with Lyft. Waymo, Alphabet's self-driving-car company, has partnered with Lyft on the technology.

Lyft is now valued at $11 billion.

Lyft just secured $1 billion in a funding round led by Alphabet's investment arm, CapitalG, giving it a post-money valuation of $11 billion.

Lyft has been growing its cash cushion to take on Uber. The $1 billion Lyft secured in funding on Thursday follows a $600 million funding round in April. The investors behind the April investment were not disclosed.

The latest funding round comes as Uber looks to rebound from a string of scandals that culminated in Uber founder Travis Kalanick's resignation as CEO. Uber has lost some footing in key cities as of late; it lost its license to operate in London and is subject to stricter restrictions in Quebec.

Meanwhile, Alphabet's self-driving-car company Waymo is in a legal battle with Uber, claiming the ride-hailing giant stole intellectual property. Since the lawsuit was filed last year, Alphabet has forged a close relationship with Lyft. In addition to the latest round of funding, Waymo is partnering with Lyft on self-driving vehicles.

Interestingly enough, Google is also an early investor in Uber. Google Ventures poured $258 million into Uber back in 2013.

Uber has most recently been valued at $68.5 billion, but a series of scandals has taken a toll on its valuation.