GoPuff raises $1.15B with an $8.9B valuation

GoPuff, a Philadelphia-based instant delivery platform for everyday items, raised $1.15 billion led by existing backer D1 Capital Partners at an $8.9 billion post-money valuation.

Why it matters: This is a deep-pocketed cross between Amazon and DoorDash. GoPuff operates hundreds of "micro fulfillment centers," usually between 8,000-12,000 square feet in urban areas, plus contracts out to a network of around 10,000 on-demand drivers who provide 24/7 coverage.

Investors include Fidelity, Baillie Gifford, Reinvent Capital, Luxor Capital and SoftBank Vision Fund 1.

• Market conditions: Like most later-stage "unicorns," GoPuff has been inundated with SPAC sponsor calls.

The bottom line: GoPuff originally catered to college students who were craving late-night snacks. But, as the company has expanded into the suburbs and product areas like baby and better-for-you, the college cohort now represents only around 15% of its business.