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DoorDash co-founder and CEO Tony Xu. Photo by Noam Galai/Getty Images.

Food delivery startup DoorDash on Thursday said it has raised $250 million in new venture capital funding at a $4 billion post-money valuation.

Why it's a big deal: This comes just five months after the company raised $535 million at a $1.4 billion valuation, in a round led by SoftBank Vision Fund.

DoorDash co-founder and CEO Tony Xu said that the company wasn't actively seeking new investment, but took the inbound calls because the extra capital could help accelerate expansion.

He adds that DoorDash had already met or exceeded most of the metrics set during the Series D round in March, and that the increased valuation reflects 250% year-over-year growth in terms of delivery volume.

"We were only growing at 150% in January, for example, which means our growth rate is actually accelerating, which isn't what you typically see as a company gets bigger," Xu says.

The details: Coatue Management and DST Capital co-led the round, and were joined by some existing investors.

  • The San Francisco-based company previously raised around $720 million, from firms like SoftBank, Sequoia Capital, CRV, Wellcome Trust, Kleiner Perkins, Khosla Ventures and GIC.

All of the money was primary capital. DoorDash canceled a tender offer for employee and early investor shares that had been expected to occur after the March funding. Xu declined to explain why, or say if any other tender offers are forthcoming.

Go deeper

Students vandalize and steal from schools for viral TikTok challenge

TikTok logo displayed on a phone screen in Krakow, Poland on July 18, 2021. Photo: Jakub Porzycki/NurPhoto via Getty Images

A viral TikTok challenge is leading students nationwide to shatter mirrors, steal fire alarms and intentionally clog toilets, The Washington Post reports.

Driving the news: Dubbed the the “Devious Licks challenge, students are showing off their "devious licks" on TikTok — with a sped-up version of "Ski Ski BasedGod" by rapper Lil’ B playing in the background.

Axios-Ipsos poll: People of color face more environmental threats

Expand chart
Data: Axios/Ipsos poll; Note: ±2.5% margin of error; Chart: Sara Wise/Axios

Americans of color are much less likely than white Americans to experience good air quality or tap water or enough trees or green space in their communities, and they're more likely to face noise pollution and litter, a new Axios-Ipsos poll finds.

The big picture: Our national survey shows Black and Hispanic Americans are more likely than their white counterparts to live near major highways or industrial or manufacturing plants — and to have dealt in the past year with water-boil notices or power outages lasting more than 24 hours.

19 hours ago - Health

FDA advisory panel recommends Pfizer boosters for those 65 and older

A healthcare worker prepares a dose of the Pfizer-BioNTech Covid-19 vaccine at the Key Biscayne Community Center on Aug. 24, 2021. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

A key Food and Drug Administration advisory panel on Friday overwhelmingly voted against recommending Pfizer vaccine booster shots for younger Americans, but unanimously recommended approving the third shots for individuals 65 and older, as well as those at high-risk of severe COVID-19.

Why it matters: While the votes are non-binding, and the FDA must still make a final decision, Friday's move pours cold water on the Biden administration's plan to begin administering boosters to most individuals who received the Pfizer vaccine later this month.

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