CapitalG - Alphabet's growth investment fund - is leading a $1 billion financing round in Lyft.

The investment brings Lyft's post-money valuation to $11 billion. Lyft said today that CapitalG Partner David Lawee is joining Lyft's Board.

Alphabet is interested in self-driving cars, as the company owns Waymo. And back in May, Waymo and Lyft announced the two companies would work together on self-driving cars. Following that, Lyft announced it would develop its own autonomous driving technology, stating that it was "core" to its business.

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

However, the fact remains that less than 0.5% of miles traveled in the U.S. happen on rideshare networks.