Food delivery startup DoorDash announced that it raised USD 250 Million in a funding round that left the Company at USD 4 Billion post-money valuation. This comes after it raised USD 535 Million at a USD 1.4 Billion valuation in a funding round led by SoftBank Vision Fund.
DoorDash CEO, Tony Xu, said the Company has already met or exceed most of the metrics set during the Series D round in March. The increased valuation represents a 250% year over year growth in delivery volume. The Company’s growth rate was at 150% in January and the increased growth rate as the Company grew larger wasn’t typical, he said.
Coatue Management, DST Capital and existing investors led the funding round. It previously raised about USD 720 Million from firms like SoftBank, Sequoia Capital, Wellcome Trust, Kleiner Perkins, Khosla Ventures and GIC.
DoorDash cancelled tender offers for employee and early investor shares that were expected to occur after the March funding. Xu declined to explain why.