by Amelia Lucas
DoorDash has raised an additional $400 million in equity finacing leb by
Durable Capital Partners and Fidelity pushing its valuation to $16 billion.
The coronavirus pandemic has unpended U.S. economy and wreaked
havoc on businesses ranging from golbal shipping to cruise lines to
restaurants. But food-delivery companies are thriving, DoorDash looking to
be the rare winner in its niche.
Since COVID-19 lockdown orders were isssued across the U.S. in mid-March
and consumers shifted to ordering delivery for dinner, DoorDash sales have
surged, accoeding to data from Edison Trends, which studies anonymized
and aggregated e-receipts from millions of U.S. consumers.
The food-delivery service, which earned the No. 12 spot on the 2020 CNBC
Dispruptor 50 list grabed 45% of third party - delievery orders, followed
by rivals UberEatsat 28%, Grubhub at 17%and Postmatesat 7%.
DoorDash on Thursday confirmedthat it raised $400 million in equity capital
selling shares to mutal fund companies T Rowe Price and Fidelity, along
with other invetors.
The funding deal could push off the meal-delivey giant's move to go public.