Postmates, one of many earlier entrants to the billion-dollar food delivery wars, has raised an extra $100 million in fairness funding at a $1.85 billion valuation, as first reported by Recode and confirmed to TechCrunch by Postmates. The spherical comes 4 months after the eight-year-old startup drove residence a $300 million investment that lastly knocked it into “unicorn” territory.
New investor BlackRock has joined the funding spherical alongside Tiger World, which served because the lead investor of Postmates’ September financing. Led by co-founder and chief government officer Bastian Lehmann, the corporate has garnered a complete of $681 million in enterprise capital funding from buyers, together with Spark Capital, Founders Fund, Uncork Capital and Sluggish Ventures.
In step with a number of different tech unicorns, Postmates has begun prep for an preliminary public providing that would come this 12 months, together with tapping JPMorgan to advise the float. As Recode identified, the $100 million capital infusion was in all probability much less of a obligatory funding occasion however moderately a possibility for present buyers to liquidate inventory forward of an exit.
Postmates, which completes 3.5 million deliveries per thirty days, reportedly anticipated to document $400 million in income in 2018 on meals gross sales of $1.2 billion. The corporate has not confirmed that determine nor disclosed some other 2018 income numbers. The corporate presently operates in additional than 500 cities, just lately tacking on one other 100 markets to succeed in an extra 50 million clients.
Will probably be fascinating to see how Wall Road responds to a Postmates public itemizing. Although it was an early participant in what has grow to be an especially crowded market, Postmates by no means emerged as the chief in meals supply. Now, with supergiants like Uber dominating through Uber Eats and SoftBank funneling loads of capital into Postmates competitor DoorDash, it shouldn’t rely on an oversubscribed IPO.