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DoorDash co-founder and CEO Tony Xu. Photo by Steve Jennings/Getty Images

Food delivery startup DoorDash today will announce that it has raised $535 million in new funding led by SoftBank. Axios has learned the post-money valuation is $1.4 billion, and that SoftBank plans a subsequent tender to purchase additional shares from insiders.

Why it matters: SoftBank also is an investor in Uber, which is a DoorDash competitor via Uber Eats, and now will have seats on both the companies' boards (albeit with different representatives). One possibility is that this round could presage an eventual acquisition.

DoorDash co-founder and CEO Tony Xu estimates that only 5% of U.S. restaurant take-out is currently done via online-enabled delivery, with the rest still involving phones and customer pick-up. That means there is plenty of green space — not only for DoorDash, but also for UberEats and other rivals like GrubHub and Caviar.

  • Other investors in the round include return backers GIC, Sequoia Capital and Wellcome Trust.
  • SoftBank last year went deep into discussions with London-based food delivery company Deliveroo, but ultimately didn't invest.

Tony Xu says that DoorDash plans to triple its number of geographic markets in 2018, with plans to be at 1,600 by year-end. It also wants to increase headcount from 550 to around 800: "We decided that now is the time to step on the gas pedal."

Go deeper

D.C.'s building boom grinds to a halt

Illustration: Brendan Lynch/Axios

The decades-long building boom that remade Washington D.C. is screeching to a halt, undone by broader construction trends and the legacy of the post-pandemic workplace.

Why it matters: Dizzying construction has reshaped the city, reinvigorated downtown and created bustling new communities. 

Facebook fights for its image

Illustration: Annelise Capossela/Axios

Facebook is ditching apologies and taking a more combative stance against its critics as it faces a new barrage of negative coverage and leaked internal reports.

Driving the news: As part of the new posture, Facebook started testing placing positive messages about itself in users' News Feeds last month, according to a New York Times story Tuesday.

2 hours ago - Politics & Policy

Charter schools boomed during the pandemic

Expand chart
Data: National Alliance for Public Charter Schools; Map: Sara Wise/Axios

Charter schools picked off hundreds of thousands of public school students across the U.S. during the pandemic, according to a new analysis from the National Alliance for Public Charter Schools.

Why it matters: The pandemic has weakened America's public education system, as Zoom classes, teacher fatigue and student disengagement take their toll. And that hobbled system is shedding students to charter schools, private schools and homeschooling.