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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

Biden to meet with U.S. financial regulators on Monday

Photo: Drew Angerer via Getty Images

President Biden will meet with financial regulators on Monday.

Driving the news: "The meeting will cover regulatory priorities including climate-related financial risk and agency actions to promote financial inclusion and to responsibly increase access to credit," said press secretary Jen Psaki, according to a press pool report.

Updated 3 hours ago - Economy & Business

The next worker fight: Time off for Juneteenth

Illustration: Annelise Capossela/Axios

Who gets paid time off to celebrate Juneteenth in the years to come will be uneven and complicated, if history is any guide.

Why it matters: Corporate America hasn't grappled with a new federal holiday since Martin Luther King Jr. Day was authorized almost 40 years ago. How they responded took years to evolve.

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