Internet and telecommunications group SoftBank’s Vision Fund led a $750m funding round for US-based snack delivery service GoPuff in August 2019, The Information reported on Friday, citing two people familiar with the matter.
Venture capital firm Accel, which was identified by The Information as an existing investor, also participated in the round. Vision Fund has retained an option to invest a further $250m in the company this year.
Founded in 2013 while its co-founders were at university, GoPuff runs an online platform where users can order more than 2,500 products ranging from snacks and beverages – alcoholic and non-alcoholic – to more widespread groceries and household goods.
GoPuff is present in 150 US markets and is open 24 hours a day in its larger markets, and between noon and 4.30am in the rest of the cities. It charges a flat $1.95 fee per delivery and caters mainly to students, though it is looking at expanding that user base to a more general demographic.
The company was valued at roughly $1bn as of a round of undisclosed size in November 2018, according to The Information. It is currently building a new headquarters in its home city of Philadelphia.
Investment firm Anthos Capital had provided $8.25m in funding for GoPuff through a deal that closed in 2017. Its existing backers also include VC firm E.ventures.
