Postmates Raises $225M, Hours Before IPO Filing
As it prepares to go public, filing an IPO in September, the on-demand food delivery unicorn raised $225M at a $2.4 billion valuation according to a report by TechCrunch.
The no. 4 delivery service was expected to publish their prospectus this month for the offering in February. They raised a whopping funding of $225M from a New-York based private equity firm GPI Capital. Khai Ha, GPI Capital partner will join Postmates board which includes representatives from investors from Founders Fund, Tiger Global and Spark Capital.
Postmates CEO, Bastian Lehmann quotes in a statement “We are excited to have GPI as a partner and the lead of this round during such a pivotal year for Postmates,”
Funding And Acquisitions
Investors are betting on Postmates to generate hundreds of millions of dollars revenue to cast a positive spin on the firms’ trajectory. After this humongous investment for Postmates at the eleventh hour of possible IPO, the unicorn is all ready to keep growing outside of the public eye.
Postmates, founded in 2011, has proven to be a prodigious fundraiser, backed by the big names like Blackrock, Spark Capital, Tiger Global, Founders Fund, Harmony Partners and others.
Other than raising massive funds, Postmates has been going around in the news for their acquisitions. As of today, the delivery giant has acquired three companies, including Bold, Sosh and Hey! Inc.
Innovations At Postmates
While there were regular speculations about Postmates going public, the company was focused on bringing innovations and new technology to the sector. The Delivery company tested its first autonomous vehicle delivery last month, after receiving a green signal for the permit.
They’re allowed to test three autonomous delivery robots in and around Potrero Hill and the Inner Mission at a speed of not more than 3mph in San Francisco. Deliveries using autonomous robots can only be done on weekdays between 8 a.m. and 6:30 p.m., keeping a distance of 30 miles from the human body.
Trending In Food Delivery Economy
On-demand food delivery, undeniable popular is yet to prove it’s long-term profit-making worth in the business. 2019 has been the year for a lot of hassle in the food delivery industry, starting from Doordash owning the 27.6 percent of the market taking over Grubhub and Ubereats owning 26.7 and 25.2 percent respectively.
Apart from owning the largest market share in the food delivery industry, Doordash was trending earlier this year for acquiring Caviar for $410M. This was the first large acquisition for Doordash with a net worth of $12.6 billion.
In this race to the top, a gigantic investment from a private equity firm ensures Postmates to be the running competitor to double down their growth in the coming years.
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