Technology

Gopuff reportedly closing in on another $1B fundraise

The fast-growing delivery company could be valued at $15 billion after what would be its second $1 billion cash infusion this year.
Image courtesy of Gopuff

Delivery company Gopuff, which earlier this week announced a big move into the restaurant business, is set to raise $1 billion in a fresh funding round, Bloomberg reported Thursday.

It would be the company's second $1 billion fundraise this year (it raised $1.15 billion in March) and would bring its total valuation to $15 billion. 

Gopuff had not responded to a request for comment as of publication time.

The Philadelphia-based company delivers more than 3,000 everyday products, including groceries, cleaning products and pet supplies, from its network of fulfillment centers across the country. On Tuesday, it unveiled a new Gopuff Kitchen program that will allow customers to add made-to-order food like pizza, chicken tenders and salads to their digital shopping carts. That makes it a formidable foe for delivery companies like DoorDash and Uber Eats, as well as a competitor for restaurants' off-premise business.

The March funding round cemented the company as a leader in last-mile delivery, and fueled rumors that it plans to go public. Reuters, citing a source close to the matter, reported at the time that Gopuff had started talking to financial advisers and banks and was deciding between a traditional initial public offering or a merger with a special purpose acquisition company, or SPAC.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Workforce

Restaurants have a hot opportunity to improve their reputation as employers

Reality Check: New mandates for protecting workers from dangerous on-the-job heat are about to be dropped on restaurants and other employers. The industry could greatly help its labor plight by acting first.

Financing

Some McDonald's customers are doubling up on the discounts

The Bottom Line: In some markets, customers can get the fast-food chain's $5 value meal for $4. The situation illustrates a key rule in the restaurant business: Customers are savvy and will find loopholes.

Financing

Ignore the Red Lobster problem. Sale-leasebacks are not all that bad

The decade-old sale-leaseback at the seafood chain has raised questions about the practice. But experts say it remains a legitimate financing option for operators when done correctly.

Trending

More from our partners