Postmates Raises $140M On $600M Valuation

TechCrunch reported that Postmates, the on-demand delivery firm, has raised money through a funding round headed by the Founders Fund, with a series of other (and existing) investors. The total raised was $140 million, which has an implied valuation attached to it of as much as $600 million.

The site also reported that Founders Fund will have a member, Brian Singerman, named to Postmates’ board. The on-demand delivery firm’s CEO, Bastian Lehmann, remarked to the site in an interview that fundraising is a challenge. The environment for such financial activity, he said, has cooled, to the point where demand for on-demand firms, so to speak, has slipped. The Postmates model has thrived, relatively speaking, as TechCrunch reported that the company now has 6,0000 merchants in place, with many jockeying for position on the Postmates app. The service now boasts about 1.5 million deliveries monthly. An IPO would not be a near-term pursuit, said the CEO to TechCrunch, but remains something the firm would mull.