Image via Gopuff.
Gopuff has raised $250 million, led by two existing Gopuff investors, which will be used to invest in artificial intelligence and expansion.
Philadelphia-based Gopuff recently raised $250 million, signifying the company’s strongest financial position in its nearly 13-year history, writes Ryan Mulligan for the Philadelphia Business Journal.
This comes after a number of business decisions to slim down operations, including administering several layoffs after a rapid growth period that saw Gopuff’s valuation reach as high as $15 billion.
The latest round of venture capital was led by two existing Gopuff investors in Eldridge Industries out of Miami, and Valor Equity Partners, based in Chicago. It is among the largest fundraising rounds from a non-life sciences startup that the Philadelphia area has seen in years.
In addition to the new funding, Gopuff has also announced Matt McBrady as the company’s new CFO. McBrady is a former chief investment officer at BlackRock’s Multi-Strategy Hedge Fund and an ex-White House economic policy adviser.
Gopuff plans to use the new capital to invest in artificial intelligence and the needed infrastructure to expand.
Founded in 2003 by co-CEO Yakir Gola and Rafael Ilishayev, Gopuff currently has fulfillment centers across the United States and United Kingdom that allows it to deliver in more than 1,000 cities across the two nations.
The company’s delivery platform includes over 5,000 items.
Read more about Gopuff’s new funding and expansion plans in the Philadelphia Business Journal.
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