Delivery startup goPuff has raised US$380 million in a funding round held in October 2020 which makes the total funds raised to be US$1.35 billion. The company now values at around US$3.9 billion.
The new round of funding was led by Accel and D1 Capital Partners. Other participants include Softbank vision fund and Luxor Capital.
The funds raised will be used to expand and develop its product categories. It will help them include more variety of products like baby food, pet care products and over the counter medications. They aim to become the fastest and most reliable delivery service for everyday essentials, with the help of this new investment. The funds will also help them improve their vertically integrated model.
Accel and Softbank vision fund has previously invested in goPuff. Accel had invested in 2018, which helped goPuff to improve its infrastructure and implement the vertically integrated model.
About goPuff
goPuff is an everyday essentials delivery startup headquartered in Philadelphia, US. The company was created in 2013 by Yakir Gola and Rafael Ilishayev while attending Drexel University. It was conceptualised to make convenience delivery easier with access through an app, without the presence of middlemen.
They deliver a wide variety of products ranging from over the counter medicines to electronics within a time frame of 30 minutes or less. Their services are available in more than 500 cities of the US 24/7 with a small delivery fee of US$1.95. They store 2500 plus products in their local facilities and supply that to the customers through their own channels, without any surge pricing.
goPuff has a mission to make daily life as effortless as possible. The company has put its motto as, “Order in seconds, delivered in minutes.”
About Accel
Accel is a venture capital firm which targets seed, early and growth-stage startups. It was founded by Arthur Patterson and Jim Swartz in Paolo Alto, California in 1983. It operates in the US, London, Indian and China. It primarily focuses on technology firms, but sometimes looks into groundbreaking startups from other backgrounds. Their previous series A investments range between US$4.4 to US$25 million.
About D1 Capital Partners
D1 Capital Partners L.P. is a global investment firm that works in deploying funds to both private and public markets, founded by Daniel Sundheim in July 2019. It is headquartered in New York, East Coast, USA. D1 Capital Partners has a portfolio value of US$13 million. D1 Capital Partners targets various sectors to receive medium to long term returns.
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