The VC and founder winners of DoorDash's IPO - MrLiambi's blog


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Friday 13 November 2020

The VC and founder winners of DoorDash's IPO

After years of rumors and high-flying headlines, we finally have the S-1 for DoorDash. Alex has covered the primary details, but I figured it would be good to dive in so we can see who is raking in the returns on the country's delivery startup champion.

DoorDash's filing indicates that the company raised a combined $2.485 billion in capital across a seed round and eight rounds Series A-H. The three VC firms with the largest holdings noted in the filing were the SoftBank Vision Fund, Sequoia and Singapore's GIC investment fund, listed here as Greenview (no relation to the cannabis fund of the same name that was charged with fraud a few years ago).

DoorDash's most recent per share valuation was $45.91 for the Series H back in June. Shares purchased by investors over the entire life of the company had an average value of $8.73.

We'll dive into the VCs and who won here in a second, but first, I want to discuss the founders and their ownership stakes. Co-founder and CEO Tony Xu currently owns 5.2% of DoorDash, according to the filing, which doesn't include any future performance incentives. Co-founders Andy Fang, who is CTO, and chief product officer Stanley Tang both own 4.7% of the company. A fourth co-founder, Evan Moore, formerly head of operations at DoorDash and now a partner at DoorDash's seed investor Khosla, doesn't have his ownership listed as he is no longer an active executive with the company.

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