Door Dash reaches $7.1bn valuation with $400mn funding round
On-demand delivery company DoorDash, headquartered in San Francisco, announced this week that it has raised a further US$400mn. The funding, raised in a Series F financing round, was lead by Temasek and Dragoneer Investment Group with participation from existing investors Softbank Vision Fund, DST Global, Coatue Management, GIC, Sequoia Capital, and Y Combinator.
Following the capital injection, DoorDash has reached a market valuation of $7.1bn. The investment will be used to further accelerate the company’s growth strategy, from 250% over the past 12 months to 325% over the course of 2019, cementing its position as the fastest-growing company in a sector it shares with on-demand giants like Uber Eats, Deliveroo, Grubhub and Postmates.
Over the past year, DoorDash expanded its coverage to more than 3,300 cities in all 50 United States and Canada.
“Last year, the culmination of more than four years of work came to fruition as we expanded our geographic footprint by over five times across the U.S. and Canada, launched and scaled DashPass to become the largest food delivery subscription product in our industry, and expanded beyond restaurants through our DoorDash Drive platform,” said Tony Xu, co-founder and CEO of DoorDash.
The company’s DoorDash Drive last-mile logistics platform partners with businesses beyond the food and beverage sector to provide on-demand delivery services in partnership with companies like Walmart, Chipotle, Denny’s, Wingstop and Portillo. The subsidiary is expected to pass a $1bn valuation in the next year.
Intelliwave SiteSense boosts APTIM material tracking
“We’ve been engaged with the APTIM team since early 2019 providing SiteSense, our mobile construction SaaS solution, for their maintenance and construction projects, allowing them to track materials and equipment, and manage inventory.
We have been working with the APTIM team to standardize material tracking processes and procedures, ultimately with the goal of reducing the amount of time spent looking for materials. Industry studies show that better management of materials can lead to a 16% increase in craft labour productivity.
Everyone knows construction is one of the oldest industries but it’s one of the least tech driven comparatively. About 95% of Engineering and Construction data captured goes unused, 13% of working hours are spent looking for data and around 30% of companies have applications that don’t integrate.
With APTIM, we’re looking at early risk detection, through predictive analysis and forecasting of material constraints, integrating with the ecosystem of software platforms and reporting on real-time data with a ‘field-first’ focus – through initiatives like the Digital Foreman. The APTIM team has seen great wins in the field, utilising bar-code technology, to check in thousands of material items quickly compared to manual methods.
There are three key areas when it comes to successful Materials Management in the software sector – culture, technology, and vendor engagement.
Given the state of world affairs, access to data needs to be off site via the cloud to support remote working conditions, providing a ‘single source of truth’ accessed by many parties; the tech sector is always growing, so companies need faster and more reliable access to this cloud data; digital supply chain initiatives engage vendors a lot earlier in the process to drive collaboration and to engage with their clients, which gives more assurance as there is more emphasis on automating data capture.
It’s been a challenging period with the pandemic, particularly for the supply chain. Look what happened in the Suez Canal – things can suddenly impact material costs and availability, and you really have to be more efficient to survive and succeed. Virtual system access can solve some issues and you need to look at data access in a wider net.
Solving problems comes down to better visibility, and proactively solving issues with vendors and enabling construction teams to execute their work. The biggest cause of delays is not being able to provide teams with what they need.
On average 2% of materials are lost or re-ordered, which only factors in the material cost, what is not captured is the duplicated effort of procurement, vendor and shipping costs, all of which have an environmental impact.
As things start to stabilise, APTIM continues to utilize SiteSense to boost efficiencies and solve productivity issues proactively. Integrating with 3D/4D modelling is just the precipice of what we can do. Access to data can help you firm up bids to win work, to make better cost estimates, and AI and ML are the next phase, providing an eco-system of tools.
A key focus for Intelliwave and APTIM is to increase the availability of data, whether it’s creating a data warehouse for visualisations or increasing integrations to provide additional value. We want to move to a more of an enterprise usage phase – up to now it’s been project based – so more people can access data in real time.