Food delivery

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.

Travis Kalanick's secret, multimillion-dollar venture

Travis Kalanick
Travis Kalanick. Photo: Michael Kovac/Getty Images

Former Uber CEO Travis Kalanick is quietly developing his first venture since being ousted from the ride-hailing company in 2017, working on a multimillion-dollar plan to build CloudKitchens, a global network of commercial kitchens that offer extra capacity and expanded reach for delivery-only restaurants, the Financial Times reports.

Details: Following the momentum of Uber Eats and similar services, CloudKitchens buys and leases real estate and develops software to help restaurants manage their back-office systems and integrate with food-delivery platforms. Last March, Kalanick acquired a $150 million controlling stake in City Storage Solutions, the Los Angeles-based parent of CloudKitchens, and began opening kitchens and recruiting early hires in California.

More stories loading.