DoorDash, the US-based food delivery service backed by telecommunications firm SoftBank’s Vision Fund at a $12.6bn valuation, has confidentially filed to go public, it announced yesterday.
Founded in 2013, DoorDash runs an online platform that uses a network of couriers to deliver food orders from some 300,000 restaurants across North America.
The company approaches restaurants directly, offering logistics software that enables them to take orders through the platform. Its partners include national chains like Wendy’s, Chipotle and The Cheesecake Factory in addition to big box retailer Walmart.
The offering would follow almost $2.1bn of funding, including a series G round that closed at $700m in November 2019 at a $13bn valuation when T. Rowe Price invested $100m, according to Bloomberg.
Vision Fund took part in the $600m first tranche six months earlier. It was led by Darsana Capital Partners and included Sands Capital, Coatue Management, Dragoneer, DST Global, Sequoia Capital and Temasek.
DoorDash’s early investors include Kleiner Perkins, SV Angel, CRV, Pear Ventures, Khosla Ventures and Y Combinator. SoftBank had originally contributed to its $535m series D in early 2018, leading the round at a $1.4bn valuation and investing alongside Sequoia Capital, GIC and Wellcome Trust.
Coatue Management and DST Global co-led a $250m series E round in August 2018 that valued the company at $4bn. They returned for a $400m round in February 2019 co-led by Temasek and Dragoneer and backed by Vision Fund, Sequoia, DST Global, GIC and Y Combinator
