Doordash

DoorDash now valued at $7.1 billion

DoorDash CEO Tony Xu on Jimmy Kimmel Live
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.

GM's self-driving car unit to test deliveries for DoorDash

Photo: Cruise

GM's autonomous driving unit, Cruise, will begin testing food delivery for some of DoorDash's San Francisco customers in March, the companies announced on Thursday.

Why it matters: After years of focusing on the technology, companies developing autonomous driving vehicles recently began turning their attention to business models.

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