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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

Rep. Dan Crenshaw says he'll be blind for a month after eye surgery

Rep. Dan Crenshaw (R-Texas) in Washington, D.C., in December 2020. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Dan Crenshaw (R-Texas) said in a statement Saturday he will be blind for roughly a month after getting surgery to reattach the retina in left eye.

Why it matters: Crenshaw, who lost his right eye and sustained severe damage to his left eye during his third deployment to Afghanistan in 2012, said he will be "pretty much off the grid for the next few weeks."

Miriam Kramer, author of Space
3 hours ago - Science

NASA's Mars helicopter is a test for the future of space exploration

Ingenuity (left) with Perseverance on Mars. Photo: NASA/JPL-Caltech/MSSS

NASA is set to fly the first test flight of its tiny Ingenuity helicopter on Mars Sunday, marking the advent of drones for space exploration.

Why it matters: If successful, this flight will be the first time a human-built aircraft has flown on a world other than Earth, opening the door to new means of exploring planets far from our own.

Bryan Walsh, author of Future
4 hours ago - Politics & Policy

The global future is looking dark and stormy

Illustration: Rae Cook/Axios

A new 20-year-forecast for the world: increasingly fragmented and turbulent.

The big picture: A major report put out this week by the National Intelligence Council reflects a present rocked by the COVID-19 pandemic. How the next two decades will unfold depends largely on whether new technologies will ultimately unite us — or continue to divide us.

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