• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Exclusive

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

An hour in the Oval Office with President Trump Fortune Editor-in-Chief: Alyson Shontell sat down with President Trump in the Oval Office for an hour. Tariffs, Intel, AI, Boeing, Iran—and the question every CEO eventually has to answer: who's next?

NewslettersTerm Sheet

DoorDash seeks an even higher valuation

Lucinda Shen
By
Lucinda Shen
Lucinda Shen
Down Arrow Button Icon
Lucinda Shen
By
Lucinda Shen
Lucinda Shen
Down Arrow Button Icon
December 4, 2020, 10:16 AM ET

This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers. Sign up to get it delivered free to your inbox. 

Wow. The IPO love continues.

Food delivery giant DoorDash now plans to raise as much as about $3.1 billion from its upcoming IPO, a boost from the $2.8 billion it was previously seeking. On Friday, the San Francisco-based business said it planned to sell about 33 million shares priced somewhere between $90 to $95, up from the $75 to $85 range it initially sought.

Valued at $16 billion in its last private round of funding, the business could be minted with a $30.2 billion price tag based on the high end of the new range, or as much as $35.7 billion on a fully diluted basis.

At that high end of the range, SoftBank Vision Fund’s stake would be worth nearly $6 billion, while Sequoia Capital’s holding would be worth about $4.9 billion.

Demand for DoorDash’s services have soared amid the pandemic, with the company managing to maintain its lead as top meal-delivery company in the U.S. by sales and even grow its own market share. The Wall Street Journal has a good story breaking down why DoorDash has been able to dominate when so many other businesses are fighting to send food to you and me: In short, it got a lot of funding and focused on areas its competitors had eschewed. And while other SoftBank-backed companies burned through their capital irresponsibly, DoorDash was able to harness the millions from the Japanese business and outmaneuver its competitors.

But DoorDash, even now, still faces questions about whether the food-delivery market actually can provide the high profits investors seek—and how much of the pandemic boost it can maintain.

IN CASE YOU MISSED IT: In recent months, there’s been many a founder flameout and controversy—all standard in the business world. But what’s been peculiar about many of the executives at the center of these blowups: Many, many have been women. My colleague Maria Aspan dug into the difficult issue in a recent magazine piece and offers a nuanced look. Read it here.

Lucinda Shen
Twitter: @shenlucinda
Email: lucinda.shen@fortune.com

VENTURE DEALS

- Versatile, a San Francisco-based company startup using A.I. in the construction process, raised $20 million in Series A funding. Insight Partners and Entree Capital led the round and were joined by Robert Bosch Venture Capital GmbH, Root Ventures, Conductive Ventures, Leigh Jasper, and Rob Phillpot. 

- NUBURU, a Centennial, Colo.-based blue laser tech company, raised $20 million in Series B funding. Anzu Partners led the round.

- Pockit, a London-based fintech focused on underserved customers, raised £15 million ($20 million) in Series B funding. Investors included Concentric, Jatania Family, Harold Mechleynck, Perscitus and Sir Alex Ferguson (former manager of Manchester United).

- Pave, a San Franciscob-ased compensation benchmarking company, raised $16 million in Series A funding. Andreessen Horowitz led the round.

- Rubedo Life Sciences, a Sunnyvale, Calif.-based biopharmaceutical company focused on age-related diseases, raised $12 million in seed funding. Khosla Ventures led the round and was joined by investors including Longevity Fund, Refactor Capital, and Shanda.

- Fisdom, an India-based investment advisory, raised $7 million in a Series B extension led by PayU. PayU was joined by Quona Capital and Saama Capital.

- MedArrive, a San Francisco-based care management software maker, raised $4.5 million in seed funding. Kleiner Perkins and Define Ventures led the round.

- Esports One, a Los Angeles-based esports platform, raised $4 million. Investors included XSeed Capital, Eniac Ventures, and Chestnut Street Ventures.

- Hydra Studios, a New York-based network of wellness studios, raised $3.8 million in seed funding. Investors included Slow Ventures, Company Ventures, Courtside Ventures, CityRock Venture Partners, Hatzimemos/Libby, and Fifth Wall. 

- Avant, a Hong Kong-based non-meat protein maker, raised $3.1 million in seed funding. Investors include China Venture Capital, AngelHub, and ParticleX, as well as Lever VC, CPT Capital, Loyal VC, Artesian, 208 Seed Ventures, PTG Food, and Markus Haefeli (Chairman of Regal Springs).

- Loop Health, an India-based health insurance startup, raised $2.3 million in seed funding funding. Sierra Ventures led the round and was joined by investors including  Y Combinator and Soma Capital.

- Jitsu, a maker of software for data integration, raised $2 million. Costanoa Ventures  led the round and was joined by investors including Y Combinator, The House Fund, and SignalFire.

- Rheaply, a Chicago-based resource management company, raised $1 million from Revolution, Opportunity Hub, 100 Black Angels & Allies, and Morgan Stanley’s Multicultural Innovation Lab. 

- Fattmerchant, an Orlando-based payments company, raised an undisclosed amount of funding from Greater Sum Ventures.

PRIVATE EQUITY

- Nesco agreed to acquire Custom Truck One Source, a provider of truck and heavy equipment solutions for $1.5 billion. 

- Investors including The Carlyle Group and Hellman & Friedman invested $1 billion in Vantage Group Holdings, a New York-based reinsurance firm. Financial terms weren't disclosed. 

- Battery Ventures invested in DomainTools, a Seattle-based domain name and DNS-based predictive threat intelligence company. Financial terms weren't disclosed.

- Caisse de dépôt et placement du Québec invested in IEX Group, a New York City-based  stock exchange operator. Financial terms weren't disclosed.

- Exterro, backed by Leeds Equity Partners, acquired AccessData, an Orem, Yt.-based provider of digital forensic investigation software. Financial terms weren't disclosed.

- Hg invested in Benevity, a Calgary-based cloud software company. Financial terms weren't disclosed. Benevity’s current investors, General Atlantic and JMI Equity will remain as investors.

- MFG Partners invested in Storage Solutions, a Westfield, In.-based industrial storage equipment company. Financial terms weren't disclosed.

- Motion Dynamics, a portfolio company of Vance Street Capital, acquired ViaMed, an Easton, Mass.-based  maker of components for the medical device industry.Financial terms weren't disclosed.

- Thoma Bravo acquired a majority stake in Flexera, an Itasca, Ill.-based maker of IT management software. TA Associates and Ontario Teachers’ Pension Plan Board will continue to hold a stake. Financial terms weren't disclosed.

- Serent Capital invested in Procurement Partners, a Brookfield, Wis.-based provider of procure-to-pay solutions for healthcare providers. Financial terms weren't disclosed.

- VLS Recovery, backed by Aurora Capital Partners, acquired JBR Environmental Services, a Spartanburg, S.C.-based provider of waste management. Financial terms weren't disclosed. 

- Prospect Partners recapitalized ProClip USA, a Madison, Wis.-based ProClip designer and distributor of mounting devices for electronics. Financial terms weren't disclosed.

EXITS

- Flutter (LOND: FLTR) has agreed to buy about 37% of FanDuel, a New York-based betting company, for about $4.2 billion from Fastball Holdings (a consortium with CapitalG, Comcast Ventures, KKR, Verizon Ventures, NBC Sports, and Shamrock). The consortium will still hold a stake.

- CVC Capital Partners agreed to acquire RiverStone Europe, an insurer, from Fairfax Financial and OMERS for about $750 million. Fairfax Financial  may also receive as much as $235.7 million after the deal is completed.

- Google agreed to acquire Actifio, a Waltham, Mass.-based startup specializing in data backup and disaster recovery services. Actifio investors have included Andreessen Horowitz, Crestline Investors and 83North, per PitchBook.

- Starcity acquired Ollie, a New York-based maker of a co-living space platform. Ollie investors have included Bullpen Capital and Peak State Ventures.

- Affirm agreed to acquire PayBright, a Toronto-based provider of installment payment plans for about C$340 million ($264.5 million) Paybright is backed by Canadian Business Growth Fund.

- Olive acquired Verata Health, a Minneapolis, Minn.-based authorization solution for healthcare providers and payers. Bessemer and 3M backed Verata. 

OTHER

- Ansys acquired Analytical Graphics, an Exton, Pa.-based maker of modeling, simulation, testing and analysis software for aerospace and defense organizations, for $700 million.

- Rakuten Americas, the North American division of Rakuten, acquired Fillr, an Australia-based provider of an autofill service. Financial terms weren't disclosed.

SPACS

- Dyal Capital Partners and  Owl Rock Capital are in talks to merge with Altimar Acquisition, a SPAC. The combined company would be valued at about $13 billion, per the Wall Street Journal. Read more.

F+FS

- OTV, an Israeli digital health focused venture capital firm, raised $170 million.

- Scale Venture Partners closed Scale Venture Partners Fund VII with $600 million in committed capital. 

IPOs

- Petco Health and Wellness, a San Diego-based pet goods retailer, filed for an $100 million IPO. Canada Pension Plan Investment Board and CVC back Petco. Read more.

- Certara, a Princeton, N.J.-based maker of biosimulation software, plans to raise $500 million in an offering of 24.3 million shares (about 40% sold by existing shareholders). EQT Investor and Arsenal Investors back the firm. Read more.

- Kinnate Biopharma, a San Diego, Calif.-based oncology biotech, raised $240 million. Its backers include Foresite Capital, OrbiMed, and RA Capital Management. Read more.

SPACs

- Jaws Spitfire Acquisition Corp., the second blank check company by Starwood Capital founder Barry Sternlicht, raised $300 million.

- Far Peak Acquisition, the second SPAC by former NYSE President Tom Farley, raised $550 million.

PEOPLE

- Cultivian Sandbox named Taryn Goodman Gallery as a managing director. 

About the Author
Lucinda Shen
By Lucinda Shen
See full bioRight Arrow Button Icon

Latest in Newsletters

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Newsletters

Women’s representation on boards of directors falls below 30%—but there’s one bright spot
NewslettersMPW Daily
Women’s representation on boards of directors falls below 30%—but there’s one bright spot
By Emma HinchliffeMay 18, 2026
13 hours ago
US President Donald Trump speaks before signing an executive order in the Oval Office at the White House in Washington, DC, as Commerce Secretary Howard Lutnick looks on.
NewslettersCFO Daily
Trump’s new corporate playbook: Why the administration is taking equity stakes in companies like Intel
By Sheryl EstradaMay 18, 2026
18 hours ago
A panel on Gen Z workers sit alongside Fortune's Kristin Stoller at the Fortune Workplace Innovation Summit.
NewslettersFortune Workplace Innovation
AI in the workplace is stumbling. Fortune’s Workplace Innovation Summit will dive in to why
By Kristin StollerMay 18, 2026
18 hours ago
Wallet makers are the quiet backbone of the crypto industry. Now they want to be banks
NewslettersFortune Crypto
Wallet makers are the quiet backbone of the crypto industry. Now they want to be banks
By Jeff John RobertsMay 18, 2026
19 hours ago
Trump’s leadership model has a succession problem
C-SuiteNext to Lead
Trump’s leadership model has a succession problem
By Ruth UmohMay 18, 2026
20 hours ago
Inside Trump’s vision of America as a shareholder in U.S. companies: ‘I should have asked for more’
NewslettersCEO Daily
Inside Trump’s vision of America as a shareholder in U.S. companies: ‘I should have asked for more’
By Diane BradyMay 18, 2026
21 hours ago

Most Popular

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
6 days ago
While Trump insisted the Iran war would end ‘soon,’ an account in his name was buying millions in oil, defense and gold
Economy
While Trump insisted the Iran war would end ‘soon,’ an account in his name was buying millions in oil, defense and gold
By Eva RoytburgMay 18, 2026
12 hours ago
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
3 days ago
EXCLUSIVE: An hour in the Oval Office with the CEO-in-Chief, President Trump
Politics
EXCLUSIVE: An hour in the Oval Office with the CEO-in-Chief, President Trump
By Alyson ShontellMay 18, 2026
23 hours ago
Current price of oil as of May 18, 2026
Personal Finance
Current price of oil as of May 18, 2026
By Joseph HostetlerMay 18, 2026
17 hours ago
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
Economy
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
By Jason MaMay 17, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.