Last week we wrote about DoorDash after it was reported that the SoftBank-backed food delivery startup was planning to secure new funding before its upcoming IPO. Now, according to an exclusive report from Axios, DoorDash has raised $400 million in new equity funding at a $16 billion post-money valuation. DoorDash filed a private IPO filing earlier this year, signaling that the company is apparently delaying plans for a public offering
Earlier today, DoorDash confirmed Axios report in a blog post, saying:
“Today, we are announcing that we are raising approximately $400 million in a Series H financing led by new investors Durable Capital Partners LP and Fidelity Management & Research Co., and existing investors, funds and accounts advised by T. Rowe Price Associates, Inc.”
In total, the San Francisco, California-based DoorDash had raised around $2 billion from VCs (excluding the debt). Last November, DoorDash bags $700 million from investors including Charles River Ventures, SV Angel, Khosla Ventures, Sequoia Capital, SoftBank, GIC, and Kleiner Perkins. As of November 2019, DoorDash’s post-money valuation is $13 billion.
DoorDash was first launched in Palo Alto and, as of May 2019, the delivery startup expanded to more than 4,000 cities and offers a selection of 340,000 stores across the U.S. and Canada. The company is currently worth more than $16 billion and is the largest third-party delivery service in the USA, surpassing Grubhub.
Founded in 2013 by four Stanford students with experiences from Facebook, Square, Vevo, and eBay, DoorDash provides on-demand restaurant food delivery services connecting customers with local businesses across the United States and Canada. The company is passionate about transforming local businesses and dedicated to enabling new ways of working, earning, and living.
On November 6, 2015, In-N-Out Burger filed a lawsuit against DoorDash claiming trademark infringement and unfair competition. Two months later the lawsuit was dismissed. DoorDash no longer delivers food from In-N-Out Burger.
DoorDash’s top competitors include Postmates, HelloFresh, GrubHub, Deliveroo, iFood and Tapingo. DoorDash is a technology company that provides on-demand delivery service connecting customers with local businesses.
