Salem Radio Network News Tuesday, September 21, 2021

Science

Delivery startup Gopuff valued at $15 billion after latest fundraising

(Reuters) -U.S. delivery startup Gopuff said on Friday it raised $1 billion in a funding round that included Guggenheim Investments, Hedosophia and SoftBank Vision Fund 1, valuing the company at around $15 billion.

The new valuation represents a near 69% jump from $8.9 billion that the company was valued at, after its previous fundraising in March.

Gopuff has an investor base with high profile names including British investor Ian Osborne’s Hedosophia, Fidelity Management and Research Co, MSD Partners and Eldridge, the investment firm headed by Los Angeles Dodgers owner Todd Boehly.

The startup, founded in 2013, delivers items like food, alcohol and medicines at a $1.95 flat delivery charge and operates in more than 450 sites across North America and the UK.

In May, it partnered with Uber Technologies Inc to expand the delivery of essential items during the COVID-19 pandemic.

Since its last fundraising, the company has announced several acquisitions including those of UK-based last-mile delivery platform Fancy and fleet management startup rideOS.

Gopuff said it will use the latest funds to further expand into North America, the UK and across Europe and for hiring and making investments in technology.

The Philadelphia-based company could potentially go public later this year, Reuters reported in March, citing a source close to the matter.

(Reporting by Sohini Podder and Niket Nishant in Bengaluru; Editing by Uttaresh.V and Shailesh Kuber)

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