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Doris Yu · · 1 min readSoftBank Vision Fund sees $11b gain from investment in DoorDash
Shares of the food delivery startup opened at US$182 apiece, exceeding its initial public offering (IPO) price of US$102. The company raised about US$3.4 billion in its IPO on Tuesday.
DoorDash is now valued at US$68.4 billion, which is more than 4x of its valuation in a private fundraising round in June this year.
Founded in 2013, DoorDash is backed by SoftBank’s Vision Fund, Sequoia Capital, and Singapore’s sovereign wealth fund GIC. SoftBank had participated in four funding rounds of the company.
The gains from the food delivery company may help the US$100 billion Vision Fund revive from a slew of losses it had incurred last year. In May, SoftBank said it recorded an operating loss of around US$13 billion in full-year 2019, with a US$17.7 billion loss in valuation due to the Vision Fund’s big bets in US-based office-sharing startup WeWork, and ride-hailing firm Uber, among others.
Last month, SoftBank also saw a 375% return from Chinese online property startup Beike.
Edited by Collin Furtado and Jaclyn Teng
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