Postmates,if truth be told one of the earlier entrants to the billion-buck meals offer wars, has raised a further $100 million in equity funding at a $1.85 billion valuation, as first reported by Recode and confirmed to TechCrunch by Postmates. The round comes four months after the eight-one year-outdated startup drove dwelling a $300 million investment that sooner or later knocked it into “unicorn” territory.
Original investor BlackRockhas joined the funding round alongside Tiger World, which served as the lead investor of Postmates’ September financing. Led by co-founder and chief executive officer Bastian Lehmann,the firm has garnered a total of $681 million in endeavor capital funding from traders, alongside side Spark Capital,Founders Fund, Uncork Capital and Behind Ventures.
Primarily primarily based totally on a lot of assorted tech unicorns, Postmates has begun prep for an initial public offering that would also come this one year, alongside side tapping JPMorgan to inform the rush with the circulation. As Recode identified, the $100 million capital infusion became doubtlessly less of a needed funding tournament nonetheless moderately an opportunity for existing traders to liquidate stock earlier than an exit.
Postmates, which completes 3.5 million deliveries per month, reportedly anticipated to symbolize $400 million in revenue in 2018 on meals gross sales of $1.2 billion. The firm has no longer confirmed that figure nor disclosed any varied 2018 revenue numbers. The firm right now operates in larger than 500 cities, no longer too prolonged ago tacking on one more 100 markets to reach a further 50 million customers.
This may be attention-grabbing to behold how Wall Boulevard responds to a Postmates public itemizing. Even though it became an early player in what has became an especially crowded market, Postmates never emerged astheleader in meals offer. Now, with supergiants enjoy Uberdominating by task of Uber Eats and SoftBank funneling masses of capital into Postmates competitor DoorDash, it shouldn’t rely upon an oversubscribed IPO.