Postmates, a San Francisco, CA-baased on-demand delivery company, raised $300m in funding.
The round was led by Tiger Global Management. As part of this round, Tiger Capital’s Scott Schleifer will join the Postmates board of directors.
The company intends to use the funds to:
- expand its selection advantage, to broaden coverage to over 70% of U.S. households by the end of the year;
- release new point-of-sale integration technologies;
- deploy API tools;
- scale social impact investments & new workforce development policies; and
- invest in R&D to devise new last-mile mobility solutions.
Launched in 2011 by CEO Bastian Lehmann, Postmates provides an on-demand delivery platform that gives customers across 400 U.S. cities and Mexico City access to over 250,000 merchants with real time deliveries. The company, which currently has 680 employees, completes millions of deliveries a month, generating over a billion dollars in gross merchandise volume (GMV) annually and driving profitability in 90% of its markets.
Postmates also expanded its selection reach across top U.S. brands by adding Walmart, Chipotle, 7-11, Shake Shack, Blaze Pizza, and Los Angeles and New York sushi hotspot, Sugarfish to its roster of national restaurant and retail partners.