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.
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.