Postmates CEO Bastian Lehmann image : Postmates

Postmates has raised $100 million in fresh funding ahead of a public offering as first reported by Recode followed by a confirmation from the company. This round values Postmates at $1.85 billion post-money, up from a previous $1.2 billion valuation.

Postmates has now raised nearly $700 million till date including this round. Investors including BlackRock, Tiger Global and other existing backers participated in this round.

image : Postmates

This investment likely counts as a way for Postmates’ shareholders to gain liquidity ahead of an IPO as opposed to raising funding for operations. The company is reportedly expecting up to $400 million in revenue on gross sales of $1.2 billion for 2018 indicating a good financial standing although it might not yet be profitable.

Postmates is currently available in north of 300 U.S. cities, having begun as an early player in the food delivery scene but is facing competition from the likes of DoorDash, Grubhub and UberEats in a crowded U.S. market.

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