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

Updated 30 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 13,258,016 — Total deaths: 576,752 — Total recoveries — 7,366,845Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 3,416,222 — Total deaths: 136,319 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.

3 hours ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."