GoPuff, the US-based operator of a personal services app, received $1.15bn from investors including telecommunications and internet group SoftBank’s Vision Fund 1 today at an $8.9bn valuation.
Investment and financial services group Fidelity Management and Research also took part in the round, as did hedge fund managers Luxor Capital and D1 Capital Partners, investment manager Baillie Gifford and investment firms Eldridge and Reinvent Capital.
Founded in 2013, GoPuff runs an online platform that allows users to order products such as food and drink, cleaning, baby and pet products, over-the-counter medications and, in some places, alcohol, for delivery.
The company operates out of a network of fulfilment centres and charges a flat $1.95 fee per delivery. It will use the funding to expand geographically, extend its product range, grow its team and bolster its technology.
The round more than doubled GoPuff’s valuation from $3.9bn, in October 2020, when it raised $380m in a round co-led by D1 Capital Partners and Accel that included SoftBank Vision Fund and Luxor Capital.
The October funding came after the company secured $750m in an August 2019 round led by SoftBank Vision Fund and backed by existing investor Accel.
GoPuff had previously received an undisclosed amount in a 2018 round reportedly valuing it at $1bn, following $8.25m from Anthos Capital the previous year. E.ventures is among its earlier investors.
Rafael Ilishayev, GoPuff’s co-founder and chief executive, said: “We are grateful for the confidence of our longtime returning partners as well as the new, top-tier institutions joining this round who understand our differentiation in the market.
“We look forward to their support as we accelerate our growth plans and continue to define and transform the instant needs space. This milestone further validates the success of GoPuff’s vertically integrated model as well as the massive global opportunity for the category.”