DoorDash is an on-demand food delivery service and technology company that is based out of San Francisco, CA. Through its mobile app, customers are able to place food orders at local restaurants where “Dashers” will pick up the order and deliver to said customer. DoorDash aims to bridge convenience with helping local businesses and eateries. Earlier this year, third party research firm Edison Trends released data showing that DoorDash is the leader with 27.6% of market share, after beating out GrubHub, Inc. (NYSE: GRUB) and Uber Technologies, Inc.’s (NYSE: UBER) Uber Eats.
The on-demand food delivery service announces the company has closed its Series G funding round with gross proceeds of $600 million. The Series G values DoorDash at $12.6 billion. Darsana Capital Partners, Sands Capital, Coatue Management, Dragoneer, DST Global, Sequoia Capital, Softbank Vision Fund, and Temasek. DoorDash has continued to experience strong growth over the past six months. Since completing its Series F funding round, the delivery service saw its business surged 60%. The company has continued to focus on strong North American expansion, which now tops over 4,000 cities across the U.S. and Canada. Here is the full press release detailing of the Series G funding;
On the heels of our unprecedented growth over the past three months, today we are announcing a $600 million Series G financing, valuing DoorDash at $12.6 billion.
We are excited to welcome new investors Darsana Capital Partners and Sands Capital, who participated in this round alongside existing investors Coatue Management, Dragoneer, DST Global, Sequoia Capital, Softbank Vision Fund, and Temasek.
Since emerging as the market leader earlier this year, we have continued to grow at a breakneck rate and have achieved a number of significant milestones in the first quarter of 2019:
- Our business has grown over 60% since our Series F
- We grew 280 percent year-on-year culminating in annualized GMV of $7.5B.
- We continued our geographic expansion to more than 4,000 cities across the U.S. and Canada, as we come closer to achieving our goal of serving every postal code in America. We also launched our 50th city in Canada, and are on track to serve 100 Canadian cities this year.
- Our DashPass subscription offering, the fastest growing in our industry, is now approaching one million customers.
- We continue to offer the widest selection with more than 340,000 stores on the platform.
- Building on the continued momentum of DoorDash Drive, our white-label fulfillment platform that powers direct delivery for any business, we announced last month our integration with Wegmans to power their Meals 2Go app. Drive partners exclusively with restaurants such as Chipotle, Denny’s, Portillo’s and Wingstop to power their web and mobile delivery, and has become Walmart’s largest last-mile logistics partner for grocery.
- We also launched a national partnership with Wyndham Hotels & Resorts to bring local dining favorites to guests on-demand across more than 3,700 hotels.
Our commitment to connecting customers to every business on Main Street, from local favorites to nationwide staples, has never been stronger. We are grateful to our incredible team for their passion and dedication to providing our customers, merchant partners, and Dasher community with unparalleled experiences and service.
Although it’s hard to believe, this remains just the beginning. We look forward to continuing our journey!