US delivery start-up GoPuff has raised $1.15 billion in new funding, as it looks to become the world’s go-to solution for immediate everyday needs.
The new funding comes on the heels of its $380 million funding round, which valued the company at $3.9 billion. GoPuff says it has now more than doubled its valuation to $8.9 billion in just five months.
Founded in 2013, GoPuff operates out of more than 250 micro-fulfilment centres servicing over 650 US cities, in addition to the recently acquired BevMo! locations. The company is open 24/7 in many markets, as it looks to fulfil customer orders of food and drinks, as well as cleaning and home products.
Investors in the round include D1 Capital Partners, Fidelity Management and Research Company, Baillie Gifford, Eldridge, Reinvent Capital, Luxor Capital and SoftBank Vision Fund 1.
With the capital, GoPuff will continue to accelerate its geographic expansion, introduce new categories – such as its recent better-for-you and baby categories – and invest in new technology to enhance the customer experience.
“We are grateful for the confidence of our long-time returning partners as well as the new, top-tier institutions joining this round who understand our differentiation in the market. We look forward to their support as we accelerate our growth plans and continue to define and transform the instant needs space,” said Rafael Ilishayev, co-founder and co-CEO of GoPuff.
Yakir Gola, co-founder and co-CEO of GoPuff, added: “This milestone further validates the success of GoPuff’s vertically integrated model as well as the massive global opportunity for the category. Our technology platform and infrastructure enable us to expand GoPuff’s offerings while bringing more products, new categories, and experiences to customers.”
GoPuff plans to expand its local partnership programme, investing in GoPuff Marketing Solutions which enables brands to run media campaigns on its platform.
Chris Evdaimon, investment manager at Baillie Gifford, said: “GoPuff’s proven business model has yielded strong, sustainable results in growing and developing a new category of instant needs that it continues to define. We are thrilled to support GoPuff as the company expands its market position and propels itself to new heights.”
© FoodBev Media Ltd 2021
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