DoorDash is raising $400 million in a new round of funding, bringing its valuation to nearly $16 billion, the company confirmed Thursday.
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Axios first reported news of the funding.
In late February, DoorDash confidentially filed paperwork with the U.S. Securities and Exchange Commission to go public. Its IPO plans were basically put on hold, however, after COVID-19 was declared a pandemic.
Since then, demand for food delivery has surged as people have been following stay-at-home requirements.
“DoorDash understands that the world has changed. We continue to have a responsibility to the communities we serve—it’s one we take seriously each and every day,” the company said in a statement. “This capital will support new products and services that help our merchants manage the changed operating environment, offer customers convenient and safe ways of ordering and shopping, and enable Dashers to continue making meaningful, flexible income when they need it most.”
DoorDash last raised $700 million with its Series G last year. It raised $600 million in a round led by Darsana Capital Partners in May 2019, and $100 million in an extension round led by T. Rowe Price in November 2019, according to Crunchbase.
It’s unclear when DoorDash will move forward with its IPO. Although tech IPOs were effectively put on hold because of the COVID-19 pandemic, the few companies that have made their public debuts have been well received.
Both ZoomInfo and Vroom recently went public and saw their stock price surge. Other companies like Snowflake and Palantir have reportedly filed confidentially to go public, and Lemonade filed an S-1 publicly last week.
Either way, DoorDash is well-capitalized now with around $2.5 billion in funding, according to Crunchbase.
Illustration: Li-Anne Dias.