Postmates, a San Francisco, CA-based on-demand delivery service, raised an additional $16m in capital in Series B financing.
The round was led by Spark Capital with participation from existing investors. In conjunction with the funding Nabeel Hyatt, Venture Partner at Spark Capital, will join the company’s Board of Directors.
The company intends to use the funds to grow its operations, design and engineering teams and expand geographically.
Founded by CEO Bastian Lehmann and Sean Plaice, Postmates has developed proprietary logistics software that dispatches and guides couriers through major metropolitan areas to deliver local goods including prepared food, groceries and retail goods. The company has partnered with merchants in San Francisco, D.C., Seattle and New York, including Whole Foods, Momofuku Milk Bar, Hapa Ramen and The Meatball Shop, among others.
The company, which has additional offices in London, Seattle and New York, had previously closed a $5m Series A round from FoundersFund and a $1.75m seed round with SoftTechVC, Matrix Partners, Scott Banister, Naval Ravikant, Russel Simmons, Thomas Korte, Shervin Pishevar, Dave Morin, and David Sacks, among others.
FinSMEs
19/02/2014