Lyft announced Thursday that Google-parent Alphabet is leading a $1 billion financing round into the ride-hailing company. This ups Lyft's valuation from $7.5 billion to $11 billion. The funding is coming from CapitalG, one of Alphabet's investment firms. CNET reports: "CapitalG is honored to work with Lyft's compelling founders and strong leadership team," David Lawee, CapitalG partner, said in a statement. "Ridesharing is still in its early days and we look forward to seeing Lyft continue its impressive growth." Compared with Uber, Lyft has long been the small dog in the ride-hailing world. Before now, it's received $2.6 billion in venture funding, whereas Uber has received $12.9 billion and is valued at $68 billion. Alphabet's investment in Lyft could be a sore spot for rival Uber. Uber is currently locked in a legal battle with Waymo.