Illustration: Aïda Amer/Axios

DoorDash has raised $400 million in new equity funding at a $16 billion post-money valuation, Axios has learned.

Why it matters: For all the talk of deals that didn't happen because of coronavirus, this one is a product of the pandemic.

  • Durable Capital Partners led, and was joined by Fidelity and return backer T. Rowe Price.

Flashback: On Feb. 27, DoorDash secured $340 million in debt funding and filed confidential IPO paperwork. There were no plans to raise additional private equity.

  • Overall, DoorDash had raised around $2 billion from VCs (not including the debt). Its final infusion seemed to be last November, when it snared $700 million at a $13 billion post-money valuation.

Fast forward: The pandemic changed the meal delivery giant's plans. For starters, delivery volume soared due to the lockdowns. DoorDash also had new expenses, such as personal protective equipment for drivers and what it says was around $120 million worth of comped services to help beleaguered restaurant partners.

  • There also were concerns about market volatility, although most IPO issuers have sailed through smoothly. Plus the prospect of strengthened competition via an Uber/Grubhub merger that ultimately became a Just Eat/Grubhub merger.
  • The Wall Street Journal previewed this deal last week, noting that the company expects operations to break even for the quarter ending June 30 (excluding one-time expenses).
  • DoorDash declined to make an executive available for comment, likely because of the still-active IPO registration.

The bottom line: Gig economy companies are under all sorts of PR pressures right now, including from politicians and partners, but none of it seems to be fazing investors.

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Illustration: Sarah Grillo/Axios Visuals

Grocery delivery company Instacart has raised $100 million in new funding, on top of the $225 million it announced last month, the company tells Axios. This brings its valuation to $13.8 billion.

Why it matters: This funding comes at what could be an inflection point for Instacart, as customers it acquired during coronavirus lockdowns decide whether they want to continue with the service or resume in-person grocery shopping.

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Joe Biden's campaign released a three-part plan Tuesday to rebuild U.S. supply chains in the wake of the coronavirus pandemic, and it's centered around the idea that the country is more vulnerable to global disruptions in spite of President Trump's "America First" rhetoric.

Why it matters: Biden is proposing a way to make sure the U.S. doesn't rely on other countries for personal protective equipment (PPE) and other related medical supplies. That's another way of acknowledging that we're not getting over this health crisis anytime soon.

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The major police reforms that have been enacted since George Floyd's death

NYPD officers watch a George Floyd protest in Manhattan on June 6. Photo: Scott Heins/Getty Images

Nationwide Black Lives Matter protests sparked by George Floyd's killing have put new pressure on states and cities to scale back the force that officers can use on civilians.

Why it matters: Police reforms of this scale have not taken place in response to the Black Lives Matter movement since its inception in 2013, after George Zimmerman's acquittal for shooting Trayvon Martin, an unarmed Black teenager.