Gunderson Dettmer advised DoorDash on the deal
DoorDash raised $400 million in Series F financing at a $7.1 billion valuation co-led by Temasek and Dragoneer Investment Group with participation from existing investors Softbank Vision Fund, DST Global, Coatue Management, GIC, Sequoia Capital, and Y Combinator.
The investment will enable DoorDash to further accelerate its incredible momentum—increasing its growth rate from over 250 percent year-over-year at the time of the company’s last financing in August of 2018, to 325 percent in 2019—cementing DoorDash’s position as the fastest growing last-mile logistics company in the U.S.
Over the last 12 months, the company broadened its coverage to more than 3,300 cities and became the first on-demand platform to operate in all 50 states. DoorDash is now available to 80 percent of Americans and has plans to reach every postal code in America.
In August 2018, the company launched its DashPass subscription service and in just six months it has become the fastest growing subscription service in the industry, adding more than 30,000 customers each week. DoorDash users can order with no delivery fee from marquee national restaurants, including Wendy’s, Chipotle, Buffalo Wild Wings and Burger King as well as local favorites such as Portillo’s in Chicago, Torchy’s Tacos in Texas and Mendocino Farms in Los Angeles.
DoorDash Drive, the last-mile logistics platform that powers direct delivery for any business, is poised to become the company’s second billion-dollar business with restaurant and grocery partnerships. Drive partners exclusively with restaurants such as Chipotle, Denny’s, Wingstop and Portillo’s, to power their web and mobile delivery. Since launching with Walmart in April 2018, the company has grown the partnership to become Walmart’s largest last-mile logistics partner for grocery.
This new funding enables DoorDash to reach new consumers and empower local businesses across America, continue developing innovative products and services that benefit all audiences, and enhance the capabilities of its last-mile logistics platform.
Gunderson Dettmer’s deal team was led by Ivan Gaviria (Picture) and included Robin Stenerson and Neil Toomey.
Law Firms: Gunderson Dettmer;
Clients: DoorDash Inc.;