DoorDash, the food delivery start-up backed by SoftBank, is raising a new round of funding that values the company at close to $13 billion, according to a Bloomberg report.
The financing, pegged at $100 million, includes investments from T. Rowe Price, and is said to be an extension of DoorDash's most recent $600 million funding round, which was announced in May and valued the company at $12.6 billion.
A spokesperson from T. Rowe Price confirmed that the investment came from funds and accounts advised by the firm. The spokesperson declined to comment on the exact funding amount or the valuation. Representatives from DoorDash weren't immediately available for comment.
DoorDash is among SoftBank's big bets out of its Vision Fund and one the Japanese conglomerate needs to pay off handsomely after the recent disaster at WeWork, which withdrew its IPO in September, and the ongoing public market struggles at Uber. SoftBank CEO Masayoshi Son indicated in his company's recent earnings call that there are other problematic start-ups in the portfolio, including dog-walking provider Wag.
SoftBank led a $535 million investment in DoorDash in early 2018, lifting the company's valuation at the time to $1.4 billion. DoorDash is investing heavily in a highly competitive market that includes GrubHub and Uber Eats.
The funding round comes as DoorDash is said to be eyeing an initial public offering. A separate report said DoorDash was in talks with several banks about securing $400 million in funding ahead of a potential public offering in 2020.
Read the full report from Bloomberg here.