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DoorDash prepares to raise new funding at a $15 billion valuation - Business Insider

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DoorDash, riding on food delivery demand during the coronavirus crisis, looks set to raise hundreds of millions of dollars in new funding at a $15 billion valuation

The new financing would peg the company's valuation at $15 billion, up from $13 billion in November.

The financing would push DoorDash's cash stockpile well above $1 billion — and would presumably push back its planned initial public offering.DoorDash is set to cash in from the coronavirus-spurred spike in its business. The food delivery service is finalizing plans to sell several hundred million dollars worth of private company shares to mutual fund companies T. Rowe Price and Fidelity as well as other investors,

Thursday. Assuming the deal goes through, the new funding round would raise the company's valuation to $15 billion. That's up from the $13 billion value investors gave it in November.The new financing would seem to further postpone the company's planned initial public offering.

DoorDash and other food delivery services saw a surge in sales after state governments put in place lockdown orders to try to control the COVID-19 pandemic. With people largely prohibited from dining at restaurants, many ordered food online for delivery instead. In April, food delivery sales nearly doubled from the year earlier,But DoorDash in particular saw gains. As of April, it controlled 45% of the food delivery market, up from 35% in November, Second Measure reported.

 

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While fleecing restaurants, drivers, and diners.

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