Friday Fundings: DoorDash, GreenLight, Contentful
DoorDash Preps for IPO with $400 Million Cash Infusion
Delivery company DoorDash raised $400 million in preparation for an upcoming IPO after pressing pause on the move earlier this year. The company privately filed paperwork in February to go public, but the coronavirus pandemic delayed its plans.
Some investors feel this delay will actually end up benefiting the company. As the pandemic spread and more people stayed home, demand for DoorDash’s services skyrocketed. DoorDash’s operating costs also went up during the pandemic, as it provided PPE equipment for employees. As a result of the changes, DoorDash raised more capital than it originally set out to with a final post-money valuation of $16 billion—$1 billion higher than previously expected.
GreenLight Biosciences Pulls in $102 Million for RNA Therapy
GreenLight Biosciences raised $102 million in its latest funding round to ramp up production of its RNA products.
The company previously raised $17 million in a special purpose round designed to increase production of its RNA messenger technology for use in COVID-19 vaccines. GreenLight has found a way to quickly and cheaply produce RNA products for commercial use. The new cash influx will go toward expanding GreenLight’s human therapeutic efforts and to developing products focused on sustainable crop production like biopesticides.
Contentful Raises $80 Million for Content Management Innovation
Content management system startup, Contentful raised $80 million in its latest series of funding, bringing its valuation close to $1 billion.
Contentful helps companies easily share their content on multiple channels, including websites, social media, and smartphones. As COVID-19 keeps more people at home browsing the web instead of going to stores, restaurants, or movie theaters, the ability to seamlessly share content across platforms is becoming increasingly vital.
The new round of funding will help the company expand to places like Japan, Latin America, and Southeast Asia, and will also help drive product development.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.