U.S-based logistics company Postmates has completed with $100 million in a funding round.

The new funds will enable the company to continue to compete in a crowded and well-capitalized food delivery market.

The latest round could value Postmates at $1.85 billion, up from $1.2 billion in September 2018. It conducted by U.S.-based investment firm BlackRock, Tiger Global and Glynn Capital.

Further, Postmates is preparing for a potential listing in 2019 and has selected U.S. investment bank and financial services company JPMorgan and Bank of America as its bankers.