Meals-delivery startup Postmates is anticipated to go public very quickly, however that didn’t cease it from elevating $225 million in new funding
- On Thursday, on-demand meals supply startup Postmates raised a further $225 million in progress funding from personal fairness big GPI Capital.
- The spherical valued the startup, which has plans to go public, at $2.four billion, in accordance with sources acquainted with the funding. Its most up-to-date personal valuation was $1.85 billion in January.
- The meals supply service confidentially filed to go public in February, which might make a public submitting in September or October doubtless. The late injection of progress capital is uncommon amongst its cohort of 2019 IPO candidates.
- An individual near the corporate instructed Enterprise Insider that the brand new funding had nothing to do with the deliberate IPO.
Postmates simply threw a $225 million Hail Mary.
The meals supply startup introduced Thursday it had raised $225 million in progress funding from personal fairness big GPI Capital, valuing the corporate at $2.four billion, in accordance with a supply acquainted with the spherical. This spherical will increase the corporate’s valuation from its most up-to-date $1.85 billion valuation, which it achieved in January.
The huge inflow of money comes very shortly earlier than Postmates is anticipated to disclose its filings to go public. The startup confidentially filed for IPO with the US Securities and Exchanges Fee in February, which might point out that its IPO might come as quickly as October. Assuming that’s nonetheless the plan, Postmates must launch these confidential paperwork to the general public within the coming days or even weeks.
Though not unusual, Forbes notes that a big financing spherical like this may very well be a sign that Postmates is working low on money or that it desires to spice up its valuation on public markets. Nevertheless, different main startups which have gone public in 2019 have averted elevating massive rounds so near their public debuts.
An individual near the corporate instructed Enterprise Insider that the brand new funding had nothing to do with the deliberate IPO. Given the risky efficiency of Uber, considered one of Postmates’ chief food-delivery rivals, on the general public markets, the corporate could also be in no hurry to go public.