<\/span><\/h2>\n\n\n\nFour students from Stanford were inspired to try out a business idea in 2012. These students: Stanley Tang, Tony Xu, Andy Fang, and Evan Moore decided to take the business of food delivery platforms a step further. Before then, food delivery platforms served as restaurant listings.<\/p>\n\n\n\n
These creative minds decided to test-run a business model, where the platform will also be responsible for the deliveries of food and beverages. They started in 2013 in a small area, Palo Alto, and operated with the domain name PaloAltoDelivery.com.<\/p>\n\n\n\n
After the trial period, the results of the test came out positive. It was confirmed that the business model was valid and that people needed such services. The business rebranded as DoorDash and launched officially to start deliveries in 2013.<\/p>\n\n\n\n
DoorDash joined forces with the accelerator Y combinator five months after its founding and two months after its launch. This partnership availed the company of seed funding of $120,000 in March 2013. This funding was a much-needed boost for a new business that wanted to thrive.<\/p>\n\n\n\n
DoorDash got registered as a Delaware corporation on May 21, 2013. And in June 2013, the name “DoorDash” became official. Nine months after its launch and a year after its founding by Y Combinator, the company received second funding in a seed round totaling $2.4 Million. SV Angel, Charles River Ventures, Khosla Ventures, Andy Rachleff, Pejman Mar Ventures, Russell Siegelman, and Paul Buchheit made the second funding possible.<\/p>\n\n\n\n
In May 2014, the company received third funding totaling 17.3 million in Series A financing. Sequoia Capital led the financing alongside other existing investors. The Series A financing brought the value of DoorDash to about $73.5 Million.<\/p>\n\n\n\n
The company expanded geographically in 2014 to Los Angeles and Boston. That same year, the company introduced cyclists as part of their delivery service. This step was taken to reduce the time it took to get different orders to its owners.<\/p>\n\n\n\n
The company unveiled its new logo in November 2014, inspired by the Japanese bullet train. A series B financing in March 2015 valued the company at $600 million. In addition, the company added its service to the mobile platform and launched its app in 2015.<\/p>\n\n\n\n
DoorDash had to deal with many lawsuits, especially regarding the drivers it hired as contract workers. However, the numerous cases the brand faced encouraged others to press for a partnership.<\/p>\n\n\n\n
The company kept expanding, and by the end of 2015, DoorDash services were found in 22 markets and over 250 cities with thousands of restaurants in partnership. After its 5th financing in 2016, DoorDash had raised $127 million and was valued at $700 million.<\/p>\n\n\n\n
Notably, the company partnered with Anheuser-Busch that same year to start Alcohol delivery services. The company progressed rapidly and is now present in over 4000 cities in the United States, Germany, Australia, Canada, and Australia, with over one million drivers registered as dashers.<\/p>\n\n\n\n
Also, the company’s founders have retained their ownership, with Tony Xu as the company’s CEO and Andy Fang as the CTO. DoorDash is currently the largest third-party delivery service in the United States.<\/p>\n\n\n\n
DoorDash filed for a public offering, an IPO, on Nov. 13, 2020. The IPO started with a $102 per-share trading price on Dec. 8, 2020. The trading price of $102 per share would have valued it at $32.4 billion.<\/p>\n\n\n\n
But, the company closed with a $189.51 per-share trading price on Dec. 9, giving it a market capitalization of $72 billion. The market capitalization was inclusive of the employee-owned shares.<\/p>\n\n\n\n
DoorDash reported 317.7 million shares outstanding after its initial public offering (IPO).<\/p>\n\n\n\n
As of Feb. 18, the company’s share price was $96.21, placing its market capitalization at $33.01 billion. DoorDash currently has a net worth of around $4.67 billion.<\/p>\n\n\n\n