Venture Capital: Instant Needs Platform goPuff Raises $380M At $3.9B Valuation
The delivery service for everyday stuff boosted its valuation by $1.1 billion.
goPuff, the startup that brings the convenience store to your home, announced Thursday its latest funding round worth $ 350 million led by Accel and D1 Capital Partners. The round helped the everyday fulfillment company garner a valuation of $3.9 billion and included participation by Luxor Capital and previous investor SoftBank Vision Fund. (The Philadelphia Inquirer)
The funding, which amounted to a nearly 10% sale of its private shares, comes a little more than a year after the startup received a $750 million investment from the SoftBank Vision Fund in August 2019.
goPuff’s aggregate funding to date is $1.35 billion.
Convenience store convenience at $1.95
goPuff delivers at home the things you typically need to go out and buy from the neighborhood convenience store. Its inventory includes thousands of products which it can deliver for a mere $ 1.95 delivery charge in 30 minutes or less.
It boasts of a network of more than 200 micro-fulfillment centers across 500 US cities.
Its categories include baby and pet products, over-the-counter medications, cooking, baking and grocery, ice cream, beer, laundry detergent, and local favorites.
During the pandemic and lockdowns, demand surged for goPuff’s services. According to Technical.ly, in April, it was looking to hire thousands of drivers.
“We’re doing everything we can to be there for our customers — whether they need cleaning supplies in the morning, OTC medicine in the afternoon or something to eat and drink at night,” comms head Liz Romaine told Technical.ly at the time of the crisis.
Use of funds
The firm will use the new funds to expand its network to more geographies, further enhance its category offerings, and to boost its manpower.
“goPuff’s vertically integrated model and differentiated approach have created a superior customer experience and industry-leading unit economics,” said Daniel Sundheim, Founder & Chief Investment Officer at D1 Capital Partners. “We believe strongly in their vision and capacity to become the fastest and best delivery service for everyday needs.”
The start-up was founded in 2013 by Yakir Gola and Rafael Ilishayev, two Drexel University students.
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