Henry Ellenbogen of Durable Capital Partners. Photo credit: Kevin Moloney/Fortune Brainstorm Tech, under Creative Commons license

On-demand delivery company DoorDash has secured $400 million in new funding at a $16 billion post-money valuation, Axios reports. The funding is said to be led by Durable Capital Partners, with participation from Fidelity and existing investor T. Rowe Price. DoorDash itself hasn’t given an official statement on such funding. The company’s last financing round is known to be $340 million in debt that it secured in late February. San Francisco-based DoorDash has already even filed, albeit confidentially, for a public listing.

With the reported funding, DoorDash will now have raised $2.5 billion in total equity financing since its inception. Durable Capital Partners, which is reported to have led the new financing, is a newly formed tech-focused investment firm that recently closed $6 billion for its inaugural fund. The investment firm is led by Henry Ellenbogen, a T. Rowe Price veteran. Among its investments include payments company Rapyd, online used car retailer Vroom, and real estate tech company Redfin.

The coronavirus pandemic widely boosted the need for on-demand delivery services worldwide and DoorDash seems to be no exception. Its new financing round comes on the heels of the buyout of a U.S. based competitor, Grubhub, by European counter Just Eat Takeaway, and also a $225 million raise by Instacart, another well known on-demand delivery startup.