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Meals on wheels
Postmates, the OG of the on-demand food-delivery app space has filed, confidentially, to go public. The company is likely to command a valuation in the ballpark of $1.85B. "Uber Eats for consumers with a conscious" raised $100M in January at a $1.85B valuation.
Fun fact: the gig-economy pioneer began as a way to fill ride-sharing vehicles with things rather than people. But food delivery quickly outpaced flower and furniture deliveries, hence the pivot to meals on wheels.
Like any sought-after, decade-old startup that gets Allbird-donning VCs hot and bothered, the restaurant delivery outsourcer remains unprofitable. Thus the plan to tap the public equity market and its insatiable appetite for the Uber of [insert noun here].
The company operates in some 550 US cities, with a network of 240k couriers whom one can only assume are as comically inept as Rob Schneider in 'Big Daddy.'
Postmates struck strategic deals with Walmart and Apple that gives the courier access to an all you can deliver buffet of consumer goods. Plus, Mates has aligned itself with humans whose laziness and gluttony knows no bounds, those subscribed to Postmates Unlimited $9.99 monthly subscription service.
Food Delivery Pioneer Postmates Files to Go Public [Bloomberg]
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