Postmates, the Chipotle and Starbucks Delivery Partner, Raises $80 Million

Postmates, the delivery startup that counts Chipotle, Apple and Starbucks among its partners, has raised an $80 million investment led by the investment firm Tiger Global.

Postmates manages a network of delivery people who ferry goods, mostly prepared food, from local stores to customer homes within an hour. While the company has historically offered this delivery service through its app with no cooperation from the restaurant or store, it has recently signed exclusive deals with the likes of Starbucks and Chipotle to help improve efficiency and service. Postmates makes money by charging delivery and service fees and taking a cut of orders from certain merchants.

In a blog post, CEO Bastian Lehmann said the new money will help Postmates expand geographically and into new delivery categories beyond food. Tiger Global’s Lee Fixel is joining the company’s board.

(Update: An earlier version of this story described Tiger Global as a hedge fund. While Tiger Global does operate a hedge fund, it was its venture capital business that invested in Postmates.)

This article originally appeared on Recode.net.

Will you support Vox’s explanatory journalism?

Most news outlets make their money through advertising or subscriptions. But when it comes to what we’re trying to do at Vox, there are a couple of big issues with relying on ads and subscriptions to keep the lights on:

First, advertising dollars go up and down with the economy. We often only know a few months out what our advertising revenue will be, which makes it hard to plan ahead.

Second, we’re not in the subscriptions business. Vox is here to help everyone understand the complex issues shaping the world — not just the people who can afford to pay for a subscription. We believe that’s an important part of building a more equal society. And we can’t do that if we have a paywall.

So even though advertising is still our biggest source of revenue, we also seek grants and reader support. (And no matter how our work is funded, we have strict guidelines on editorial independence.)

If you also believe that everyone deserves access to trusted high-quality information, will you make a gift to Vox today? Any amount helps.

One-Time Monthly Annual

$5/month

$10/month

$25/month

$50/month

Other

$

Yes, I'll give $5/month

Yes, I'll give $5/month

We accept credit card, Apple Pay, and Google Pay. You can also contribute via