<article><a href="http://www.dealstreetasia.com/tags/SoftBank%20Vision Fund">SoftBank Vision Fund</a> is leading a $535-million investment in San Francisco-based on-demand restaurant delivery firm <a href="http://www.dealstreetasia.com/tags/DoorDash">DoorDash Inc</a>, valuing the startup at $1.4 billion.</article>

<a href="http://www.dealstreetasia.com/tags/SoftBank%20Vision Fund">SoftBank Vision Fund</a> is leading a $535-million investment in San Francisco-based on-demand restaurant delivery firm <a href="http://www.dealstreetasia.com/tags/DoorDash">DoorDash Inc</a>, valuing the startup at $1.4 billion.
In a statement, DoorDash said its Series D fundraising, the largest financing to date by a US restaurant delivery app, was joined by existing investors <a href="http://www.dealstreetasia.com/tags/Sequoia%20Capital">Sequoia Capital</a>, Singapore&#8217;s GIC, and Wellcome Trust.
With the investment, SoftBank&#8217;s Jeffrey Housenbold and GIC&#8217;s Jeremy Kranz will join Sequoia&#8217;s Alfred Lin and Kleiner Perkins&#8217; John Doerr on DoorDash&#8217;s board of directors.
SoftBank is also an investor in <a href="http://www.dealstreetasia.com/tags/Uber">Uber</a>, a DoorDash rival via <a href="http://www.dealstreetasia.com/tags/Uber%20Eats">Uber Eats</a>. With this latest investment, SoftBank now will have seats on the boards of both Uber and DoorDash.
Other competitors in the food delivery business include Amazon.com Inc., GrubHub Inc. and Square Inc.
In 2017, DoorDash said it more than doubled delivery volume, while growing gross profits six-fold year-over-year. Its growth rate has accelerated further in 2018, and this year the company is expected to triple its geographic footprint from 600 to 1,600 cities and hire more than 250 people across its corporate offices.
&#8220;With this funding, the company plans to expand its selection advantage by building more technology for merchants, which will result in lower prices and faster delivery times for consumers,&#8221; DoorDash said.
The company also plans to double-down on DoorDash Drive, the platform that allows a merchant to offer delivery to customers that have placed orders directly with the restaurant. The Drive platform has grown 1,300 percent year-over-year.
DoorDash CEO and co-founder, Tony Xu, said the latest investments accelerate the company’s ability to achieve its vision of “building the last-mile logistics layer to empower every business to thrive in the digital and convenience economy&#8221;.
Founded in 2013, DoorDash connects customers with their favourite restaurants in more than 600 cities across the United States and Canada.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/silicon-valley-vcs-are-growing-wary-of-on-demand-delivery-60458/">Silicon Valley VCs are growing wary of on-demand delivery startups</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/yandex-ubereats-russia-local-acquisition-89297/">Yandex buys local food delivery firm to expand UberEats in Russia</a>

DoorDash said its Series D round, the largest financing to date by a US restaurant delivery app, was joined by Sequoia Capital, GIC and Wellcome Trust. 

SoftBank leads $535m Series D in food delivery firm DoorDash

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

SoftBank leads $535m Series D in food delivery firm DoorDash

Continue reading this premium story with a subscription to DealStreetAsia.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief