Technology

Postmates secures $300M in venture funding

The investment will be used to expand the delivery service to a majority of U.S. households.
Photograph: Shutterstock

Third-party delivery service Postmates announced Tuesday that it has raised $300 million in venture capital to grow its “on-demand anything” business model.

The investment was led by New York-based Tiger Global Management LLC.

Postmates’ newest restaurant customers include Chipotle, Shake Shack, Blaze Pizza and emerging sushi chain Sugarfish.

With the investment, Postmates plans to broaden its delivery coverage to more than 70% of U.S. households by the end of 2018, add new point-of-sale integration technologies, advance its software and invest in research and development of mobility solutions.

Postmates recently added a monthly subscription service that offers unlimited deliveries for $9.99 a month.

The San Francisco-based company began in 2011 and is now operating in more than 400 U.S. cities, providing delivery from more than 250,000 merchants.

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