In the funding round which is led by the funds such as the BlackRock, an on-delivery company Postmates has now notched $100 Million in the investments. Glynn Capital and Tiger Global also led the round, along with just like the other funds, to bring the company valuation to $1.85 Billion, according to the report which has been revealed.
Kristin Schaefer, the CEO of the Postmates said in a report that “There was great momentum behind the business, so we’re super excited to add a little more capital to our war chest.” While the company has raised less funding than its competitors, Schaefer said, it has learned to work with its money more effectively. But with the new funding, the executive said: “we are well positioned to outperform in terms of growth.”
The California based rival DoorDash, for instance, has now notched around $1 Billion in the funding last year with the Softbank mega rounds. At the same point of time, the company also faces the rivals like the Uber Eats, Square Cavia. The company as of now is still looking towards the Initial Public Offering(IPO) this year.
The news comes as a Postmates said in the month of September that it had also taken in the $300 Million in the venture capital funding. In the press release, Postmates revealed that the funding round came on the back of a banner year of growth, market expansion and subscription service adoption. The series was led by the Tiger Global Management, and Postmates reveals that the Tiger Global’s Scott Shleifer will now be going to join as the company Board of Director.
Postmates CEO and Co-Founder Bastian Lehmann said in a press release at the time, “Postmates is nowalso going to be proud to be the first and largest on-demand network that is also helping to enable the growth of some of the retailers across the country, and today’s investment accelerates our ability to pair technology with the vitality of our neighborhoods.” The on-demand delivery company also had said its gross profit growth had averaged with the highlight of more than 250 percent during the prior four years, as gross margins have dramatically grown by close to 50 percent.