Delivery tech startup Gopuff raises a whopping $1 billion in funding, pushing its valuation to $15 billion
The U.S. government continues to print money with no sign of slowing down. With trillions of dollars floating around, the U.S. dollar continues to lose its value and savvy investors are looking for ways to invest their money in emerging and innovative technologies. Since early 2020 when the Fed kicked its money printing into an even higher gear, investors have poured billions of dollars into promising tech startups.
One of the beneficiaries is Gopuff, a Pennsylvania, PA-based startup that delivers daily essentials and groceries in minutes across over 500 U.S. cities. GoPuff has been on a spending spree in the last few months. As you may recall, we reported last month that GoPuff bought Liquor Barn to accelerate its retail expansion. Now, the startup has just received more capital infusion to make more acquisitions.
Today, Gopuff announced it has raised a massive $1 billion in funding round backed by high-profile investors including Guggenheim Investments, Hedosophia, and SoftBank Vision Fund 1. The new round values the company at around $15 billion, making GoPuff a solid member of the highly-coveted unicorn club. The new valuation also represents about 69% jump from its $8.9 billion after its March 2020 fundraising.
As we reported in March, Gopuff recently raised a whopping $1.5 billion at an $8.9 billion valuation. Since then, the company has expanded to California and internationally to the United Kingdom.
Meanwhile, Gopuff is not the only player in the convenience delivery space. Over the past few years, Uber and DoorDash have also been expanding their footprints in the space. Last year, for example, Uber sold off money-losing units and acquired Drizly and Postmates to get into the lucrative delivery business.
Launched in 2013 by two college students Rafael Ilishayev and Yakir Gola while at Drexel University, the Pennsylvania, PA-based GoPuff delivers daily essentials and groceries in minutes across over 500 U.S. cities. The startup currently operates more than 250 micro-fulfillment centers servicing over 650 U.S. cities, in addition to the recently acquired BevMo! locations.