Postmates raises $225 million in funding weeks ahead of planned IPO

On Thursday, on-demand food delivery startup Postmates raised an additional $225 million in growth funding from private equity giant GPI Capital.

The round valued the startup, which has plans to go public, at $2.4 billion, according to sources familiar with the funding. Its most recent private valuation was $1.85 billion in January.

The food delivery service confidentially filed to go public in February, which would make a public filing in September or October likely. The late injection of growth capital is unusual among its cohort of 2019 IPO candidates.

A person close to the company told Business Insider that the new funding had nothing to do with the planned IPO.

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Postmates just threw a $225 million Hail Mary.

The food delivery startup announced Thursday it had raised $225 million in growth funding from private equity giant GPI Capital, valuing the company at $2.4 billion, according to a source familiar with the round. This round increases the company's valuation from its most recent $1.85 billion valuation, which it achieved in January.

The massive influx of cash comes very shortly before Postmates is expected to reveal its filings to go public. The startup confidentially filed for IPO with the US Securities and Exchanges Commission in February, which would indicate that its IPO could come as soon as October. Assuming that's still the plan, Postmates would have to release those confidential documents to the public in the coming days or weeks.

Read More: On-demand food delivery app Postmates is set to unveil its IPO filing in September

Although not uncommon, Forbes notes that a large financing round like this could be an indication that Postmates is running low on cash or that it wants to boost its valuation on public markets. However, other major startups that have gone public in 2019 have avoided raising large rounds so close to their public debuts.

A person close to the company told Business Insider that the new funding had nothing to do with the planned IPO. Given the volatile performance of Uber, one of Postmates' chief food-delivery rivals, on the public markets, the company may be in no hurry to go public.