SoftBank joins $535M round in DoorDash at $1.4B valuation

SoftBank’s (OTCPK:SFTBFOTCPK:SFTBY) Vision Fund participates in a $535M funding round in food delivery service DoorDash.

Other round participants: Sequoia Capital and Singapore’s GIC. 

The San Francisco-based, five-year-old startup will use the money to expand from 600 cities to about 1,600 cities. 

DoorDash’s total funding added up to about $187M before this investment. The new round pushes valuation to about $1.4B, according to a WSJ source. 

DoorDash CEO Tony Xu says the company grew 130% last year with growth rate increasing but doesn’t specify revenue figures. 

Competition: SoftBank has invested $7.7B in Uber (Private:UBER), whose Uber Eats competes with DoorDash.  GrubHub (NYSE:GRUB) shares have risen 184% in the past year and 38% YTD.

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