On-demand food delivery service DoorDash has secured $400m funding in Series F financing co-led by Singaporean holding company Temasek and US-based Dragoneer Investment Group.
The financing round has also seen participation from existing investors such as Softbank Vision Fund, DST Global, Coatue Management, GIC, Sequoia Capital, and Y Combinator.
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The delivery firm will use funds to accelerate its expansion with an aim to increase its growth rate from 250% year-over-year in August 2018 to 325% this year.
DoorDash expects that this investment will allow the company to reach new consumers and empower local businesses across the US.
It also plans to focus on developing new products and services to serve its customers, as well as enhance its last-mile logistics platform.
DoorDash co-founder and CEO Tony Xu said: “Last year, the culmination of more than four years of work came to fruition as we expanded our geographic footprint by over five times across the US and Canada, launched and scaled DashPass to become the largest food delivery subscription product in our industry, and expanded beyond restaurants through our DoorDash Drive platform.”
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By GlobalDataThe online delivery firm has expanded its presence to more than 3,300 cities and over the last 12 months and is now operating in all 50 states.
DoorDash also unveiled its DashPass subscription service in August last year, which now has more than 30,000 customers each week.
