Meal-delivery service DoorDash said it had raised $535 million in a funding round led by Japanese conglomerate SoftBank Group Corp, marking the largest financing to date for a U.S. restaurant delivery app.
The financing gives San Francisco-based DoorDash a boost in a crowded field for on-demand food delivery, which includes the likes of Uber Eats, Postmates and Caviar.
The company more than doubled its delivery volume last year while boosting gross profits six-fold from 2016 to 2017. This year, it plans to expand to 1,600 cities from 600 and to hire more than 250 people.
Sources said DoorDash is now valued at $1.4 billion.