INSUBCONTINENT EXCLUSIVE:
Postmates, the popular food delivery service, has raised another $225 million at a valuation of $2.4 billion, the company confirmed to
TechCrunch on Thursday, ahead of an imminent initial public offering.Private equity firm GPI Capital has led the investment, first reported
by Forbes, which brings Postmates’ total funding to nearly $1 billion
GPI takes non-controlling stakes — between 2% and 20% — in both late-stage private companies and publicly listed ventures.After tapping
JPMorgan Chase and Bank of America to lead its float, Postmates filed privately with the Securities and Exchange Commission for an IPO
Sources familiar with the company’s exit plans say the business intends to publicly unveil its IPO prospectus this month.To discuss the
company’s journey to the public markets and the challenges ahead in the increasingly crowded food delivery space, Postmates co-founder and
chief executive officer Bastian Lehmann will join us onstage at TechCrunch Disrupt on Friday October 4th.As Forbes noted, last-minute
financings are critical for companies poised to run out of cash and in need of an infusion prior to hitting the public markets
The motives for Postmates’ last-minute financing are unclear; however, the company will certainly begin trading on the stock market at an
2019 has proven to be the year of unicorn listings, and former Silicon Valley darlings like Uber and Lyft have struggled to stabilize since
their multi-billion-dollar debuts, despite years of support and coddling from venture capitalists.Meanwhile, activity in the food delivery
space has distracted from Postmates’ prospects
DoorDash, for one, recently purchased another food delivery service, Caviar, from Square in a deal worth $410 million
Uber is said to have considered buying Caviar, which had been looking for a buyer at least since 2016, according to Bloomberg
Postmates, for its part, has long been the subject of M-A rumors.On-demand food delivery, undeniably popular, has yet to prove its long-term
viability as a money-making business
At the very least, a sizeable check from a private equity firm ensures Postmates has the capital it needs, for the time being, to accelerate
growth and double down on its autonomous robotic delivery ambitions.Founded in 2011, Postmates is also backed by Spark Capital, Founders
Fund, Uncork Capital, Slow Ventures, Tiger Global, Blackrock and others.
