Delivery startup Postmates has raised a huge $300 million funding, pushing its valuation over $1 billion as it battles a bevy of competitors such as Amazon, DoorDash, Uber Eats and more.
As first reported by Forbes, Tiger Global led the round, which values Postmates at around $1.2 billion. Postmates plans to use the cash infusion to speed up growth across the U.S.
Postmates posted more than $1 billion in sales last year, according to Forbes, and the company does approximately 3 million deliveries per month. Postmates also claims it is profitable on a per-order basis.
Postmates CEO Bastian Lehmann told Forbes that thanks to this momentum “we have a beautiful path to an IPO in 2019.”
Postmates is mostly known for restaurant deliveries, but it also covers groceries, making it competitive with Amazon and Whole Foods as well as Instacart. Earlier this year Postmates inked a major deal with Walmart to power the retailer’s growing grocery delivery ambitions.