DoorDash just closed a series F funding round, securing another $400 million and bringing total capital raised to $1.4 billion.
Although it still trails market leader, Grubhub, in terms of valuation and revenue, DoorDash is now the number two food delivery platform. The recent funding valued the company at around $7.1 billion. DoorDash now services over 3,300 cities across all 50 states, and the company claims that 80% of the US population can order from them.
The competition to dominate the food delivery market continues to intensify. Grubhub is already a public company, while Uber Eats has deep pockets, and Postmates recently announced plans to go public in the next year. Investors have now poured billions in to these companies and clearly believe in the future growth and profitability of the food delivery market.