DoorDash, riding on food delivery demand during the coronavirus crisis, looks set to raise hundreds of millions of dollars in new funding at a $15 billion valuation

Troy Wolverton/Business Insider

• DoorDash is preparing to raise several hundred million dollars in new equity financing, The Wall Street Journal reported.
• The new financing would peg the company's valuation at $15 billion, up from $13 billion in November.
• The financing would push DoorDash's cash stockpile well above $1 billion — and would presumably push back its planned initial public offering.
• The company has seen a surge in sales and market share as a result of the coronavirus crisis.
• Visit Business Insider's homepage for more stories.

DoorDash is set to cash in from the coronavirus-spurred spike in its business.

The food delivery service is finalizing plans to sell several hundred million dollars worth of private company shares to mutual fund companies T. Rowe Price and Fidelity as well as other investors, The Wall Street Journal reported Thursday. Assuming the deal goes through, the new funding round would raise the company's valuation to $15 billion. That's up from the $13 billion value investors gave it in November.

See the rest of the story at Business Insider

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SEE ALSO: A restaurant owner made hundreds by ordering his own pizzas through Doordash after discovering the platform had created a listing selling its pizzas for cheap

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