DoorDash Secures $535 Million in Funding

Today DoorDash announced that it raised $535 million in Series D funding led by the SoftBank Group, with participation from existing investors Sequoia Capital, GIC and Wellcome Trust.

According to the company, this is the largest financing to date by a U.S. restaurant delivery platform. DoorDash more than doubled delivery volume in 2017, while growing gross profits six-fold from the prior year. This year, the company expects to triple its geographic footprint, from 600 to 1,600 cities, and to hire more than 250 people across its corporate offices.

DoorDash plans to use the funding to build more technology for merchants, with the goal of offering lower prices and faster delivery times for consumers.