DoorDash, now valued at $12.6B, shoots for the moon

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More than five years ago, Sequoia partner Alfred Lin called Tony Xu, the founder of a small on-demand delivery startup called DoorDash, to say he was passing on the company’s seed round.

This was, of course, before venture capital funding in food delivery startups had taken off. DoorDash, launched out of Xu’s Stanford graduate school dorm room, wasn’t worth Sequoia’s capital — yet.

Today, venture capitalists are valuing the San Francisco-based company at a whopping $12.6 billion with a $600 million Series G. New investors Darsana Capital Partners and Sands Capital participated in the deal, which nearly doubles DoorDash’s previous valuation, alongside existing backers Coatue Management, Dragoneer, DST Global, Sequoia Capital, the SoftBank Vision Fund and Temasek Capital Management.

As for Sequoia’s Alfred Lin, he realized his mistake years ago and jumped in on DoorDash’s 2014 Series A, and has participated in every subsequent round since. DoorDash, a graduate of Y Combinator’s Summer 2013 cohort, is also backed by Kleiner Perkins, CRV and Khosla Ventures, among others. In total, the company has raised $2.5 billion in VC funding, making it one of the most well-capitalized private companies in the U.S.

SoftBank,

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