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."

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Senate passes bill funding government through December

Senate Majority Leader Mitch McConnell (R-Ky.) Photo: Chip Somodevilla/Getty Images

The Senate on Tuesday passed legislation to fund the federal government through Dec. 11, by a vote of 84-10.

Where it stands: The legislation will avert a government shutdown before funding expires Wednesday night and before the Nov. 3 election. The House passed the same measure last week by a vote of 359-57 after House Democrats and the Trump administration agreed on the resolution.

  • Both sides agreed early in negotiations that the bill should be a "clean" continuing resolution — meaning each party would only make small changes to existing funding levels so the measure would pass through both chambers quickly, Axios' Alayna Treene reported last week. The bill now goes to President Trump for signature.
Bryan Walsh, author of Future
35 mins ago - Technology

The age of engineering life begins

Illustration: Sarah Grillo/Axios

Synthetic biology startups raised some $3 billion through the first half of 2020, up from $1.9 billion for all of 2019, as the field brings the science of engineering to the art of life.

The big picture: Synthetic biologists are gradually learning how to program the code of life the way that computer experts have learned to program machines. If they can succeed — and if the public accepts their work — synthetic biology stands to fundamentally transform how we live.

Biden will allow lobbyists to join transition team

Biden speaks at a campaign stop at Pittsburgh Union Station Wednesday. Photo: Alex Wong/Getty Images

Joe Biden's presidential transition office will allow lobbyists to help shape his potential administration, but will require them to receive a waiver to participate if they engaged in lobbying activity in the last twelve months.

Why it matters: Presidential transition teams are instrumental in establishing a new administration, and the rules that govern them are often a template for the ethics guidelines that the new administration imposes after the inauguration.