Delivery Service Postmates Bites Off $16M Series B
February 21, 2014
On-demand delivery service Postmates has raised $16 million in Series B financing led by Spark Capital, with follow-on from existing investors. Since closing a $5 million Series A funding a couple years ago, Postmates has developed logistics software that dispatches and guides its 2,000 couriers through major metropolitan areas to deliver local goods including prepared food, groceries and retail goods.
The company has forged partnerships and promotional campaigns with merchants in San Francisco; Washington, D.C.; Seattle; and New York, including big names like Whole Foods. With the new funds, Postmates plans to improve its understanding of local inventory and aggressively invest in its operations, design and engineering teams to meet increasing domestic and international demand for the product.