Digital convenience store goPuff saw its valuation more than double to $8.9 billion following its latest funding round, according to CNBC.
- GoPuff on Tuesday said it raised $1.15 billion, including an investment from SoftBank Vision Fund 1. The company was valued at $3.9 billion in October 2020.
- The company will use the proceeds for its expansion in the United States and internationally. It also seeks to invest in new technology, and talent and product categories, like beauty, baby products, and healthier food offerings.
- Launched in 2013, goPuff aims to compete with traditional convenience stores by offering household essentials such as over-the-counter medicines, cleaning supplies, snack foods, and alcohol.
- GoPuff recorded a 400% increase in order volume year-on-year in the first half of 2020, amid the COVID-19 lockdowns.
- Its service is available in over 650 cities in the U.S., and claims to deliver goods to shoppers within roughly 30 minutes of contracted delivery.
- The company’s physical footprint includes over 160 stores operated by BevMo! which the company acquired for $350 million in November.