On-demand food delivery app Postmates is set to unveil its IPO filing in September
- On-demand food delivery app Postmates plans to publicly reveal its IPO filing in September, TechCrunch reported Monday.
- One Postmates investor confirmed to Business Insider that the company is in a pre-IPO quiet period.
- Postmates confidentially filed for an IPO with the U.S. Securities and Exchange Commission in February.
- The food delivery startup was recently valued at $1.85 billion and has raised $681 million to date, according to Pitchbook data.
- Visit Business Insider's homepage for more stories.
On-demand food delivery app Postmates is on track to go public before the end of 2019.The buzzy startup is planning to publicly reveal its IPO filing in September, setting it up to debut on public markets in the third quarter of 2019, according to a TechCrunch report Monday.Advertisement
The filing will be the first look at the company's financials. Postmates was most recently valued at $1.85 billion, and has raised a whopping $681 million in private venture funding since 2011, according to Pitchbook data. The startup confidentially filed with the US Securities and Exchange Commission in February.
A Postmates spokesperson declined to comment on the IPO process. A current Postmates investor confirmed to Business Insider that the company was in a pre-IPO "quiet period."Read More: WeWork's IPO filing will reportedly be revealed as soon as next week, giving us our best look yet at its business
The report comes on the heels of competitor DoorDash's $410 million purchase of Caviar from payments company Square on August 5. The market for on-demand food delivery has taken center stage ahead of rumored public debuts from Postmates and DoorDash, but reports have also placed scrutiny on how the companies pay its drivers.Postmates is backed by Uncork Capital, Founders Fund, Struck Capital, Spark Capital, Tiger Global Management, and Slow Ventures, among others.