Postmates raises another $300M, reportedly valued at $1.2B

On-demand delivery service Postmates announced this morning that it has raised $300 million in additional funding led by Tiger Global Management.

While the company’s press release doesn’t mention this, Fortune reports that the deal valued Postmates at $1.2 billion. Tiger’s Scott Schleifer is joining the board of directors.

Postmates  does say that it’s completing “millions” of deliveries every month and is profitable in 90 percent of its markets, and that over the past four years, gross margins have “improved dramatically to nearly 50%.”

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