(Reuters) - Meal delivery service DoorDash Inc raised $250 million in a new round of funding co-led by Coatue Management and DST Global, valuing the company at $4 billion.
DoorDash, whose investors include Japanese holding conglomerate SoftBank 9984.T, Sequoia Capital and Charles River Ventures, was founded in 2013 by Stanford students Andy Fang, Stanley Tang, Tony Xu and Evan Moore.
The San Francisco-based company operates alongside GrubHub Inc GRUB.N, Delivery.com, Postmates, Uber Eats and several startups in a highly competitive food delivery retail space that attempts to lure customers with discounts and other promotions.
The company, whose delivery drivers are called “dashers”, has presence in the United States and Canada. DoorDash on Thursday said it was on pace to reach 2,000 cities this year.
Reporting by Karina Dsouza in Bengaluru; Editing by Maju Samuel
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