Postmates receives $16 million in funding

Posted Feb 18, 2014

Postmates is an on-demand delivery startup that has received $16 million in Series B funding led by Spark Capital. Spark venture partner Nabeel Hyatt will be joining the board of directors at the company. Other investors that participated in this round include SoftTechVC, Matrix Partners, Scott Banister, Naval Ravikant, Russel Simmons, Thomas Korte, Shervin Pishevar, Dave Morin, and David Sacks.

Postmates has raised a total of over $22 million. Postmates is averaging thousands of deliveries per week. Around 28% of Postmates’ order volumes come from “whales” that use the service 10 times or more per month. About half of that volume comes from users that order at least five times per month.

Postmates is now available in 4 markets in the U.S., including San Francisco, Seattle, NYC, and Washington D.C. Postmates plans on expanding their operations team into more cities. Postmates has over 2,000 couriers in their network and is on-boarding around 200 new couriers every week.

[Source: TechCrunch]