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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

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

10 hours ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.