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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

Mike Allen, author of AM
33 mins ago - Politics & Policy

Scoop: Fauci's offensive against "craziness"

Photo: Win McNamee/Getty Images

After becoming a top punching bag for the right, Dr. Anthony Fauci is defending himself with a sharp new edge, arguing that an attack on him is an attack on science.

What he's saying: In comments to Kara Swisher on her New York Times "Sway" podcast, shared first with Axios, Fauci says: "It is essential as a scientist that you evolve your opinion and your recommendations based on the data as it evolves. ... And that's the reason why I say people who then criticize me about that are actually criticizing science."

Afghanistan's president coming to Washington on Friday

Ashraf Ghani, left, president of Afghanistan, and Abdullah Abdullah, chairman of the High Council for National Reconciliation. Photo: Sean Gallup/Getty Images

As the U.S. troop withdrawal accelerates, President Biden will welcome Afghan President Ashraf Ghani and Abdullah Abdullah, chairman of Afghanistan’s High Council for National Reconciliation, at the White House on Friday.

Our thought bubble: Axios politics editor Glen Johnson, who traveled to Afghanistan while working for Secretary of State John Kerry, said inviting both Ghani and Abdullah to Washington shows the administration’s respect for the delicate balance of power in the country.

Educators face fines, harassment over critical race theory

People talk before the start of a rally against critical race theory being taught in schools at the Loudoun County Government center in Leesburg, Va. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Elementary school teachers, administrators and college professors are facing fines, physical threats, and fear of firing because of an organized push from the right to remove classroom discussions of systemic racism.

Why it matters: Moves to ban critical race theory are raising free speech concerns amid an absence of consistent parameters about what teachings are in or out of bounds.

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