GoPuff Raises $380M to Drive Geographic & Product Expansion
PHILADELPHIA — Digital convenience retailer goPuff raised $380 million in new funding to accelerate its geographic expansion, product category offerings and talent investment.
The funding round valued goPuff at $3.9 billion and was led by Accel, an existing investor, and D1 Capital Partners, with participation from Luxor Capital and Softbank Vision Fund, a previous investor.
GoPuff also announced three new additions to its executive leadership team, including Jocelyn Wong, former chief marketing officer at Lowe's, as its first chief customer officer; Jonathan DiOrio, Uber's former global head of financial technology and U.S. business development as its first chief business officer; and former TripAdvisor engineering executive Rekha Singh as vice president of engineering.
"GoPuff's vertically integrated model and differentiated approach have created a superior customer experience and industry-leading unit economics," said Daniel Sundheim, founder and chief investment officer at D1 Capital Partners. "We believe strongly in their vision and capacity to become the fastest and best delivery service for everyday needs."
Accel first invested in goPuff in 2018 because of the team's visionary approach to on-demand delivery and its commitment to building the infrastructure needed to create its unique, vertically integrated model, according to Ryan Sweeney, partner at Accel.
"Because of goPuff's focused approach, they have consistently delivered some of the best unit economics we've seen, while growing nationwide. We're thrilled to remain a committed partner to Yakir, Rafael and the rest of the goPuff team on their journey," he said.
Along with broadening its product inventory, goPuff is significantly expanding its presence in both new and existing markets. It more than tripled the number of cities it serves over the last 18 months. Recent launches include major metropolitan areas such as Dallas, Miami, Detroit, Minneapolis and Houston.
"From day one, we have always been customer-first and continue to be excited about the impact we're making on people's lives by changing the way they get the products that they want and need," said Rafael Ilishayev, co-founder and co-CEO of goPuff.
"We've come a long way, but we're also just getting started. This investment accelerates our ability to achieve our vision of becoming the world's go-to solution for immediate everyday needs," added co-founder and co-CEO Yakir Gola.
Philadelphia-based goPuff currently operates more than 200 micro-fulfillment centers servicing over 500 U.S. cities.