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Illustration: Annelise Capossela/Axios

GoPuff, a Philadelphia-based instant delivery platform for everyday items, is raising $1 billion in new funding at a $15 billion post-money valuation, Axios has learned from sources close to the situation.

Why it matters: This reflects surging investor interest in hyper-local delivery, as GoPuff raised money at an $8.9 billion valuation earlier this year.

Details: The Blackstone Group is expected to be among a group of new investors, while Fidelity is among those returning.

  • All of the $1 billion is expected to be primary capital (i.e., not secondaries), with a final close anticipated for next week.
  • Bloomberg first reported on the fundraise, based on a Delaware stock authorization certificate.
  • A GoPuff spokesperson declined comment.

Go deeper

Oct 28, 2021 - Technology

Amazon revenue down in third quarter

Illustration: Shoshana Gordon/Axios

Amazon posted disappointing third-quarter results Thursday, with earnings and revenue lower than expected. Its shares dropped more than 4% in after-hours trading.

Why it matters: Amazon's business, which has boomed over the last year, has slowed just ahead of the holiday season, dragged down by supply chain problems, labor shortages and higher costs for shipping and freight due to the pandemic.

By the numbers:

  • Earnings: $6.12 per share vs. $8.92 per share expected, per CNBC
  • Revenue: $110.81 billion vs. $111.6 billion expected, per CNBC
  • Amazon Web Services: Sales rose to $16.11 billion vs. $15.48 expected, helping Amazon avoid a loss this quarter, per CNBC

What they're saying: CEO Andy Jassy said he expected the company to face billions of dollars of additional costs while minimizing customer disruption: "It’ll be expensive for us in the short term, but it’s the right prioritization for our customers and partners.”

  • Amazon has said it will hire hundreds of thousands of permanent and seasonal employees across the U.S. ahead of the holidays.

What's next: Amazon forecasts fourth quarter sales between $130 billion and $140 billion. Analysts had been expecting around $142.1 billion.

Thousands without power as "hazardous" winter storm lashes East Coast

Winter view from Charlotte as winter storm Izzy creates dangerous conditions in Charlotte, N.C. on Jan. 16. Photo: Peter Zay/Anadolu Agency via Getty Images

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The big picture: Heavy snow and ice accumulations were "likely to produce hazardous travel," downed trees and more outages from the Mid-South to the Northeast, per the National Weather Service. Some parts of the U.S. can expect to see up to a foot of snow through Monday.

Updated 5 hours ago - Science

Volcanic eruption in Tonga caused "significant" damage

This satellite image of the eruption on Jan. 15 taken by Himawari-8, a Japanese weather satellite operated by Japan Meteorological Agency and released by National Institute of Information and Communications Technology (NICT). Photo: NICT via AP

Significant damage has been reported in Tonga following an undersea volcanic eruption on Saturday, which covered the Pacific nation in ash and cut off communication lines.

Driving the news: The eruption triggered tsunami warnings across Tonga's islands and in other regions, including the West Coast of the U.S. and New Zealand.

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