DoorDash, a last mile logistics platform, has raised $250m in its latest round of funding. The growth round was co-led with Coatue Management and DST Global, and according to Edison Trends, has positioned DoorDash as the fasted growing logistics platform in the US.
After an impressive year which saw the startup double its geographic footprint to more than 1,000 cities this year alone across North America, a figure the company is on track to double that again by the end of the year, it is currently more popular than all its competitors combined.
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"Over the past few years we've watched closely as the last mile logistics space has exploded with innovation and competition," commented Coatue Management senior managing director Thomas Laffont. "DoorDash's rapid growth has moved it from an 'if' company to a 'when' company and we are thrilled to help accelerate its already strong momentum."
Its rapid growth, along with other successful implementations it has released such as DoorDash Drive, a platform which allows merchants to directly offer delivery to returning customers, have been hailed as the driving forces behind its $4bn valuation. With the recent move to partner with Walmart, in the last four months, the platform has expanded into almost 300 new stores across 20 states.
Following the most recent growth round, DoorDash CEO and co-founder Tony Xu said: "DoorDash is gaining market share faster than anyone in the space. We're thrilled to partner with premier investors to accelerate our vision to empower local economies by being the last mile logistics layer."