DoorDash, the US-based food delivery services provider that counts telecommunications group SoftBank as an investor, is looking to raise at least $500m in funding, Bloomberg reported on Friday.
The size of the round has not been formally set but it is expected to value the company at roughly $13bn, according to people familiar with the matter.
Founded in 2013, DoorDash runs an on-demand food delivery service that links US and Canadian consumers to local restaurants and eateries.
The company told Bloomberg it tripled its sales during 2018 and generated $108m in net revenue in November. It recently formed a partnership with hotel chain Wyndham Hotels & Resorts offer customers in 3,700 of its properties access to DoorDash’s service.
DoorDash has so far raised $1.37bn in equity funding, as of a $400m series F round in February this year that valued it at $7.1bn. Temasek and Dragoneer Investment Group co-led the round, which included SoftBank’s Vision Fund, GIC, Sequoia Capital, DST Global, Coatue Management and Y Combinator.
The company had previously raised $250m in an August 2018 round that was co-led by Coatue and DST Global and backed by unnamed existing investors at a $4bn valuation.
SoftBank led DoorDash’s $535m series D round in March 2018, investing alongside GIC, Sequoia Capital and Wellcome Trust. Its earlier investors include Kleiner Perkins Caufield & Byers, Pear Ventures, Khosla Ventures, SV Angel and CRV.
