goPuff Raises $380M at a $3.9B Valuation as it Accelerates Geographic and Product Expansion
PHILADELPHIA--(BUSINESS WIRE)--Oct 8, 2020--
goPuff, the go-to platform for consumers’ everyday needs, raised $380 million in new funding to further accelerate its geographic expansion, product category offerings and investment in talent. The funding round, which values the instant needs category creator at $3.9B, was led by existing investor , Accel, and D1 Capital Partners with participation from Luxor Capital and SoftBank Vision Fund, another previous investor. goPuff also announced three new executives to its leadership team: the company’s first Chief Customer Officer, first Chief Business Officer and Vice President of Engineering.
Powered by industry-leading technology, goPuff currently has operations in more than 500 U.S. cities, leveraging its network of over 200 micro-fulfillment centers to complete customer orders, which are delivered in 30 minutes or less. goPuff continues to further expand its product categories to include a greater selection of baby and pet products and over-the-counter medications, along with local favorites. With a vertically integrated model, goPuff is able to quickly add new products, like those in its newest cooking, baking and grocery categories, ensuring the company is able to meet customers’ every need.
“goPuff’s vertically integrated model and differentiated approach have created a superior customer experience and industry-leading unit economics,” said Daniel Sundheim, Founder & Chief Investment Officer at D1 Capital Partners. “We believe strongly in their vision and capacity to become the fastest and best delivery service for everyday needs.”
In addition to broadening its product inventory, goPuff is significantly expanding in both new and existing markets. Over the last 18 months, the company has more than tripled the number of cities it serves, including recent launches in major metropolitan areas such as Dallas, Miami, Detroit, Minneapolis and Houston.
“From day one, we have always been customer-first and continue to be excited about the impact we’re making on people’s lives by changing the way they get the products that they want and need,” said Rafael Ilishayev, co-founder & co-CEO of goPuff. “We’ve come a long way, but we’re also just getting started. This investment accelerates our ability to achieve our vision of becoming the world’s go-to solution for immediate everyday needs,” Yakir Gola, co-founder & co-CEO of goPuff added.
goPuff also announced several key hires to its executive leadership team. Jocelyn Wong, former Chief Marketing Officer at Lowe’s, has joined as goPuff’s first Chief Customer Officer. In addition to Wong, goPuff has added two consumer technology industry veterans to its leadership team. Jonathan DiOrio, Uber’s former Global Head of FinTech and U.S. Business Development, has joined goPuff in the newly created role of Chief Business Officer. Former TripAdvisor engineering executive Rekha Singh joined goPuff to serve as Vice President of Engineering.
“Accel first invested in goPuff in 2018 because of the team’s visionary approach to on-demand delivery and its commitment to building the infrastructure needed to create its unique, vertically integrated model,” said Ryan Sweeney, Partner at Accel. “Because of goPuff’s focused approach, they have consistently delivered some of the best unit economics we’ve seen, while growing nationwide. We’re thrilled to remain a committed partner to Yakir, Rafael and the rest of the goPuff team on their journey.”
goPuff is the go-to solution for immediate everyday needs, fulfilling customer orders of cleaning and home products to over-the-counter medications to food and drinks, and in some markets, alcohol - in just minutes. With micro-fulfillment centers in every market it serves, the company delivers thousands of products quickly for a flat $1.95 delivery charge. goPuff is open 24/7 in many markets and late night everywhere else to bring customers what they need, when they need it most.
Founded in 2013 by co-founders and co-CEOs Rafael Ilishayev and Yakir Gola, goPuff is headquartered in Philadelphia and currently operates more than 200 micro-fulfillment centers servicing over 500 U.S. cities. To learn more, visit www.gopuff.com or follow goPuff on Facebook, Twitter or Instagram. Download the goPuff app on iOS and Android.
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