- San Francisco-based food delivery giant Postmates announced it raised $225 million in private capital at a $2.4 billion valuation
San Francisco-based food delivery giant Postmates announced it is raising $225 million in private capital at a $2.4 billion valuation, according to Forbes. This funding round comes just seven months after the company announced plans to go public. This valuation is a significant jump from about $1.9 billion in early 2019.
GPI Capital led the round and the venture firm will gain a board seat. Including this round of funding, Postmates has raised a total of nearly $1 billion. Some of Postmates’ other investors include BlackRock, Tiger Global, and Spark Capital.
“We are excited to have GPI as a partner and the lead of this round during such a pivotal year for Postmates,” said Postmates founder and CEO Bastian Lehmann in a statement.
Postmates was also founded by CTO Sean Plaice and Sam Street.
According to TechCrunch’s sources, Postmates is planning to publicly unveil its IPO prospectus this month. JPMorgan Chase and Bank of America are reportedly leading the float.
Postmates’ decision to go public this year comes at a rocky period. Postmates rival Uber (via Uber Eats) went public in one of the most highly anticipated IPOs. Uber’s IPO price was $45 per share and it is now trading at about $33 per share.
And Postmates competes against a number of other major players like DoorDash, EatStreet, and GrubHub. GrubHub is also a public company, which is currently trading at about $57 per share with a 52-week high of more than $141 per share.
