Less than five months after raising $300 million, Postmates will add another $100 million to its coffers. The company told Forbes that it has closed $100 million in a funding round led by BlackRock, Tiger Global and Glynn Capital, among others. The round will raise the San Francisco-based delivery company’s valuation to $1.85 billion, up from $1.2 billion in September 2018.
“There was great momentum behind the business so we’re super-excited to add a little more capital to our war chest,” said Postmates CFO Kristin Schaefer.
It is capital the app-based delivery company will need to compete in a crowded and well-capitalized food delivery space. DoorDash, another San Francisco-based competitor, raised nearly $1 billion in 2018 after megarounds from SoftBank. Postmates’ other competition includes Uber-owned Uber Eats and Square’s Caviar delivery business.
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