June 25, 2015 | By admin |
On-demand courier service Postmates has an ambitious goal: $1 deliveries in under an hour.
To help it get there, the San Francisco startup raised $80 million in a round of funding led by Tiger Global Management, said Chief Executive Bastian Lehmann. The investment values the four-year-old company at more than $400 million, he said. Huron River Ventures co-invested in the round.
Postmates, which relies on thousands of couriers to deliver just about anything within a city, is under assault from a wave of startups offering same-day deliveries. To undercut its rivals, Lehmann said the company plans to roll out a new service in August that will charge customers around $1 apiece for deliveries of food and other goods to high-density zip codes at peak times.