DoorDash said on Thursday that it was looking to raise about $ 400 million from investors, valuing the company’s food delivery to about $ 16 billion in advance of its offering initial public (IPO).
The company, supported by the SoftBank Corp Group, filed for an IPO in February, defining it as one of the highest-profile lists of 2020.
DoorDash, which competes with Uber Mange, GrubHub Inc and Postmates Inc, said the last round of funding would be led by new Sustainable Investors from Capital Partners LP and Fidelity Management & Research Co and investors, funds and accounts advised by T. Rowe Price Associates.
The funding cycle follows a huge jump in food demand, delivery services as well as a large number of people ordered because of COVID-19 mandated a “loopback.”
DoorDash says the funds would be used to finance new products and services.
Be smart with your money. Receive the latest investing ideas, delivered straight to your inbox, three times a week, with the World of Investors newsletter. Register today.