San Francisco-based, on-demand delivery service startup Postmates has closed a $80 million Series D round. The round was led by Tiger Global Management. The company had earlier closed a $35 million round in February.
The on-demand delivery service has an ambitious goal: $1 deliveries in under an hour. According to TechCrunch, the new funding values them at close to $500 million.
Bastian Lehmann, Co-Founder and CEO of Postmates, announced that the company has surpassed 2.5 million deliveries across 28 different markets.
Originally started as a courier service for “delivery from anywhere,” the company has recently formed partnerships with popular companies, such as Apple, Starbucks and Chipotle.
Postmates is aiming to use the new capital to deliver more things beyond food. While about 80% of their orders on the app are of prepared food, Lehmann wants to move into a range of other areas, from healthcare and beauty products to groceries to appeal to a broader set of consumers and cut costs.