Food delivery company DoorDash has raised $400m in a funding round led by Temasek Holdings and Dragoneer Investment Group that nearly doubles its value to $7.1bn. The funding will back expansion and the development of restaurant service DoorDash Drive, said CEO Tony Xu. He denied the upcoming IPOs of competitors Uber and Postmates had affected funding plans. The company operates in 3,300 US cities and plans growth in the US and Canada. DoorDash has 43 percent of monthly sales in the sector, behind market leader Grubhub. The latest funding round included existing investors DST Global, SoftBank Vision Fund and Sequoia Capital.
Food delivery company DoorDash has raised $400m in a funding round led by Temasek Holdings and Dragoneer Investment Group that nearly doubles its value to $7.1bn. The funding will back expansion and the development of restaurant service DoorDash Drive, said CEO Tony Xu. He denied the upcoming IPOs of competitors Uber and Postmates had affected funding plans. The company operates in 3,300 US cities and plans growth in the US and Canada. DoorDash has 31% of monthly sales in the sector, behind market leader Grubhub. The latest funding round included existing investors DST Global, SoftBank Vision Fund and Sequoia Capital.