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DoorDash raises $535 million from firms like SoftBank

DoorDash co-founder and CEO Tony Xu
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.