Third-party delivery startup Postmates raised $300 million from Tiger Global to fuel continued growth
In a blog post penned by co-founder and CEO Bastian Lehmann, Postmates announced it has netted $300 million in venture funding led by Tiger Global Management. The capital acquisition brings the third-party delivery startup’s valuation to approximately $1.2 billion and gives Postmates the opportunity to “march toward” an IPO in 2019, according to Lehmann.
“We didn’t have plans to raise additional capital,” Lehmann told Fortune magazine. “Tiger Global approached us and said it’s time to put some more gas in this machine. So we decided to show everyone what we could do if we invest a bit more heavily in growth.”
Postmates has a dense collection of partnerships with brands like Walmart, Chipotle, Sugarfish, Shake Shack, and 7-Eleven, completing more than 3 million deliveries per month. According to Postmates, nearly 250,000 businesses nationally sell through the platform and it is contribution margin-positive in 90% of the markets it operates.
Read the full announcement here.