In the latest sign that investor confidence in on-demand delivery continues to skyrocket, Postmates has raised $300 million in a funding round led by Tiger Global Management. The deal values the company at approximately $1.2 billion, according to Fortune. Postmates previously raised $140 million at a $600 million valuation in 2016.
The funding comes one month after last mile competitor DoorDash raised $250 million to reach a $4 billion valuation.
With this funding round Postmates seeks to:
- Expand its available product selection;
- Broaden coverage to more than 70% of U.S. households by the end of the year;
- Launch new POS integration technologies;
- Deploy API tools such as white-glove delivery services to non-brick-and-mortar retail partners at scale; and
- Invest in…