档案库 · 物流与供应链 · 财务决策 · 2014–2018
DoorDash融资5.35亿美元，估值14亿，赌的是配送能盈利
在单均经济转正后，软银领投DoorDash D轮，押注一个物流平台既能服务餐厅，也能扩展到其他领域。
DoorDash
做的是什么生意
DoorDash is a U.S./Canada restaurant food-delivery service built on its own logistics platform, which it also sells to restaurants through Drive so they can offer DoorDash-powered delivery on their own sites and apps.
启动资金：Roughly $186M raised before the round, per CrunchBase as cited in the TechCrunch story; the Series D added $535M led by SoftBank Group with Sequoia, GIC and Wellcome Trust participating.
起因
By early 2018 on-demand delivery was widely assumed to work only on VC subsidies. DoorDash had raised roughly $186M — including a 2014 Sequoia round and a 2016 raise at a valuation above $700M, both linked in the TechCrunch story — and CEO Tony Xu's counter-argument was that a sophisticated logistics platform could make each order profitable instead.
经过
On 2018-03-01 DoorDash announced a $535M Series D led by SoftBank Group, with Sequoia Capital, GIC and Wellcome Trust participating; SoftBank's Jeffrey Housenbold and GIC's Jeremy Kranz joined a board that already included Sequoia's Alfred Lin and Kleiner Perkins' John Doerr. Xu said the financing was driven by a proven thesis: the company had become contribution-margin positive in the past year and profitable in its earliest markets, and it worked with almost 90% of the top-100 U.S. restaurant brands. The money was earmarked to expand from 600 to 1,600 cities in the U.S. and Canada, hire 250 more people, and invest in Drive, which Xu wanted to push beyond restaurants that year.
还没有结局，它还在跑。
背景
DoorDash在2018年3月1日宣布D轮时，以投后14亿美元的估值加入独角兽俱乐部，本轮5.35亿美元由软银领投。它已与美国百强餐饮品牌中近90%合作，包括Wendy's、IHOP和The Cheesecake Factory，并表示在最早获得盈利的市场已实现单均盈利。
此次融资被定位为论点得到回报，而非救援：CEO Tony Xu称，公司已发现其物流平台能让按需模式可持续，"真正驱动这次融资的是——我们发现自己的论点得到了验证"。这直接回应了外卖只有靠风投补贴才能成立的批评。
软银的Jeffrey Housenbold用一句话道出更大的赌注："餐饮配送只是第一章"，通往"全球最佳物流公司"。资金计划用于将DoorDash从600个城市扩展到1600个城市，招聘250人，并将Drive——餐厅在自己网站上运营的白标配送产品——那一年推向非餐厅配送。
这件事要成立，得有什么
- DoorDash在融资前实现了单均贡献利润转正，因此软银押注的是增长，而非补贴亏损。
- 本轮由软银愿景基金式论点主导：物流才是资产，而非食品；Drive为同一平台提供了餐厅以外的路径。
- DoorDash的需求端已得到验证——美国百强餐饮品牌中近90%合作，覆盖600个城市。
- Xu在运营打法被验证后才融资，这让公司能把从600扩展到1600城市说成是执行，而非投机。
可借鉴之处
一个被视为依赖补贴的赛道，只要楔子是技术，仍能成为真正的生意：证明单均贡献利润，而非空谈，才能解锁5.35亿美元的融资轮。
后续进展
截至2018年3月1日，D轮刚宣布：DoorDash表示将把美国和加拿大的服务城市从600个扩展到1600个，再招250人，并投资Drive，Xu预计那一年平台上会有一小部分非餐厅配送。他表示这轮融资不改变IPO计划，只增加灵活性。TechCrunch报道未记录后续里程碑，所以本条目止于此公告。
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