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DoorDash now valued at $7.1 billion

Dan Primack, author of Pro Rata

DoorDash CEO Tony Xu appears on Jimmy Kimmel Live. Photo: Randy Holmes/ABC via Getty Images.

On-demand food delivery company DoorDash has raised $400 million in new venture capital funding at a $7.1 billion post-money valuation.

Why it matters: DoorDash is in a battle for market share with rivals like GrubHub and Uber Eats, with some in the space believing that cash will be the ultimate kingmaker.

  • Singapore sovereign wealth fund Temasek and Dragoneer Invesment Management co-led the round, with return investments from firms like SoftBank Vision Fund, DST Global, Coatue Management, GIC, Sequoia Capital and Y Combinator.

DoorDash CEO Tony Xu tells Axios that the company's top-line delivery value has grown 325% year-over-year and that it is profitable in its "earliest markets." He declined to break down the financials further, save for referencing a comment last year that the company had a $1.25 billion revenue run rate, nor would he identify the profitable markets.

He adds that he isn't paying much attention to the upcoming IPO of rival Postmates, and that proceeds from the new round will be used, in part, to expand its DoorDash Drive last-mile logistics platform and DashPass subscription product. The company also plans to significantly increase its 1,000-person headcount, and eventually expand into non-food products.

Go deeper

Margaret Harding McGill, Sara Fischer
1 hour ago - Technology

Tech scrambles to derail inauguration threats

Illustration: Sarah Grillo/Axios

Tech companies are sharing more information with law enforcement in a frantic effort to prevent violence around the inauguration, after the government was caught flat-footed by the Capitol siege.

Between the lines: Tech knows it will be held accountable for any further violence that turns out to have been planned online if it doesn't act to stop it.

Go deeper (2 min. read)Arrow
Dave Lawler, author of World
1 hour ago - World

Uganda's election: Museveni declared winner, Wine claims fraud

Wine rejected the official results of the election. Photo: Sumy Sadruni/AFP via Getty

Yoweri Museveni was declared the winner of a sixth presidential term on Saturday, with official results giving him 59% to 35% for Bobi Wine, the singer-turned-opposition leader.

Why it matters: This announcement was predictable, as the election was neither free nor fair and Museveni had no intention of surrendering power after 35 years. But Wine — who posed a strong challenged to Museveni, particularly in urban areas, and was beaten and arrested during the campaign — has said he will present evidence of fraud. The big question is whether he will mobilize mass resistance in the streets.

Go deeper (<1 min. read)Arrow
Jonathan Swan, Zachary Basu
1 hour ago - Politics & Policy
Off the Rails

Episode 1: A premeditated lie lit the fire

Photo illustration: Sarah Grillo/Axios. Photo: Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 1: Trump’s refusal to believe the election results was premeditated. He had heard about the “red mirage” — the likelihood that early vote counts would tip more Republican than the final tallies — and he decided to exploit it.

"Jared, you call the Murdochs! Jason, you call Sammon and Hemmer!”

Go deeper (6 min. read)Arrow

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